Assume Southwood Manufacturing bought three machines in a $75,000 lump-sum purchase. An independent appraiser valued the machines
Question:
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.)
Linear Algebra And Its Applications
ISBN: 9781292351216
6th Global Edition
Authors: David Lay, Steven Lay, Judi McDonald