Question: Rural Tech Support paid 130 000 for a group purchase

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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  • CreatedJanuary 16, 2015
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