Johnson purchased land having a current market value of $80,000, a building with a market value of
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Johnson purchased land having a current market value of $80,000, a building with a market value of $64,000, and equipment with a market value of $16,000. Journalize the lump-sum purchase of the three assets purchased for a total cost of $120,000 in exchange for a note payable.
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Journal DATE ACCOUNTS POST REF DR CR Land 60000 Building 48000 Equipment 12000 Not...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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