Friendly Pet Care Clinic paid $130,000 for a group purchase of land, building, and equipment. At the
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Friendly Pet Care Clinic paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a fair 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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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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