Ming Yue Company pays $368,250 for real estate plus $19,600 in closing costs. The real estate consists

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Ming Yue Company pays $368,250 for real estate plus $19,600 in closing costs. The real estate consists of land appraised at $166,320; land improvements appraised at $55,440; and a building appraised at $174,240. Allocate the total cost among the three purchased assets and prepare the journal entry to record the purchase.

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Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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