Rural Tech Support paid $ 130,000 for a group purchase of land, building, and equipment. At the

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Rural Tech Support paid $ 130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $ 70,000, the building $ 56,000, and the equipment $ 14,000. Journalize the lump-sum purchase of the three assets for a total cost of $ 130,000, the amount for which the business signed a note payable.


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Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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