Yorkton Supply Company recently negotiated a lump-sum purchase of several assets from another business. They completed the
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- Yorkton Supply Company recently negotiated a lump-sum purchase of several assets from another business. They completed the purchase on February 28, 2021, at a total cash price of $709,582 which included land, truck, equipment, and garage. The estimated fair market values of the assets were land $364,800, truck $18,661, equipment $41,400, and garage $390,750. The Company has a February 28 year-end.
- Prepare a schedule to allocate the lump-sum purchase to separate assets.
- Also, prepare the general journal entry to record the transaction.
Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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