Question 7 Not checked Marked out of 15.00 Flag question Take me to the text Pleasant...

 

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Question 7 Not checked Marked out of 15.00 Flag question Take me to the text Pleasant Valley Inn purchased building, equipment, and land for a total amount of $1,800,000 on May 17, 2021. The assessed values of these purchases were, Building for $874,000; Equipment for $285,000; Land for $741,000. Calculate the cost of each asset by filling in the following table, and write the journal entry that records the purchase. Required a) Complete the table for the bulk asset purchase. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Round all percentage figures to 2 decimal places. Item Assessment Percent Applied to Cost $874,000 Building Equipment $285,000 Land Total $741,000 $1,900,000 May 17 % $ % $ % $ b) Write the journal entry to record the purchase. Assume the company had enough cash to pay for the assets. Enter the debit entries in alphabetical order. Date Account Title and Explanation To record the purchase of building, equipment, and land Debit Credit Question 7 Not checked Marked out of 15.00 Flag question Take me to the text Pleasant Valley Inn purchased building, equipment, and land for a total amount of $1,800,000 on May 17, 2021. The assessed values of these purchases were, Building for $874,000; Equipment for $285,000; Land for $741,000. Calculate the cost of each asset by filling in the following table, and write the journal entry that records the purchase. Required a) Complete the table for the bulk asset purchase. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Round all percentage figures to 2 decimal places. Item Assessment Percent Applied to Cost $874,000 Building Equipment $285,000 Land Total $741,000 $1,900,000 May 17 % $ % $ % $ b) Write the journal entry to record the purchase. Assume the company had enough cash to pay for the assets. Enter the debit entries in alphabetical order. Date Account Title and Explanation To record the purchase of building, equipment, and land Debit Credit

Answer rating: 100% (QA)

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