Lexington Garden Supply paid $160,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $85,000, the building $51,000 and the equipment $34,000.

 Journalize the lump sum purchase of the three assets for a total cost of $160,000 the amount for which the business signed a note payable.

Answer rating: 100% (QA)

The journal entry to record the lump sum purchase of land building and equipment for a tota... View the full answer