Assume Southwood Manufacturing bought three machines in a $75,000 lump-sum purchase. An independent appraiser valued the machines as follows: Machine Number Appraised Value 1 $26,000 2 43,000 3 41,000 Southwood paid one-third in cash and signed a note payable for the remainder. What is each machine's individual cost? Immediately after making this purchase, Southwood sold machine 2 for its appraised value. What is the result of the sale? Prepare the journal entry to record the sale.Southwood paid one-third in cash and signed a note payable for the remainder. What is each machine's individual cost? (Round the proportions to three decimal places. Round your final costs answers to the nearest whole dollar.)

Answer rating: 100% (QA)

To determine each machines individual cost we need to allocate the total purchase price based on the ... View the full answer