Question

Usrey Company purchased a restaurant building, land, and equipment for $600,000 cash. The appraised value of the assets was as follows:
Land ....... $200,000
Building ..... 480,000
Equipment .... 120,000
Total ..... $800,000
Required
a. Compute the amount to be recorded on the books for each of the assets.
b. Record the purchase in a horizontal statements model like the following one:
c. Prepare the general journal entry to record the purchase.


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  • CreatedApril 20, 2015
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