Foley Distribution Service paid $130,000 for a group purchase of land, building, and equipment At the time of the acquisition, the land had a market value of $70,000. the building $42,000 and the equipment $28,000. Journalize the lump-sum purchase of the three assets for a total cost of $130,000 the amount for which the business signed a note payable

Answer rating: 100% (QA)

Lumpsum purchase implies company paid a single amount for the acquisition of several assets Lumpsum ... View the full answer