Question: Dakota Company purchased several assets from a competitor, paying a lump-sum of $1,000,000 (one million dollars). The assets included: i. Land - valued at $420,000

Dakota Company purchased several assets from a competitor, paying a lump-sum of $1,000,000 (one million dollars).

The assets included:

i. Land - valued at $420,000

ii. Building - valued at $400,000

iii. Equipment – valued at 580,000

Record the journal entry on March 17, 2020.

Step by Step Solution

★★★★★

3.51 Rating (171 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Answer i Journal entry for the purchase of land on March 17 2020 is Debit Cash 1000000 Credit Land 4... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Several years ago Medex Company purchased a small building adjacent to its manufacturing plant in order to have room for expansion when needed. Since the company had no immediate need for the extra...

Q:

On March 1, 2011, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on...

Q:

The journal entry at March 15 to record the payment of property taxes would include which of the following? a. A debit to Property Tax Expense of $480,000. b. A credit to Cash of $120,000. c. A debit...

Q:

5. Dakota Company purchased several assets from a competitor, paying a lump-sum of $1,000,000 (one million dollars). The assets included: i. Land - valued at $450,000 ii. Building - valued at...

Q:

Kent Adamson Company is a manufacturer of ballet shoes and is experiencing a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its product,...

Q:

(L01,4) (Purchases by Deferred Payment, Lump-Sum, and Nonmonetary Exchanges) Klamath Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to expand its...

Q:

Please can i get the answer to the attached file.. Case No. 1 Kang Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to expand its production...

Q:

chapter 9 GL YEAR 2 payment Year 1 Apr 20 Purchased $54, 250 of merchandise on credit from Parker, terms n/30. May 19 Replaced the April 20 account payable to Parker with a 90-day, 12%, $39, 090 note...

Q:

P10.11 (LO 1,3) (Purchases by Deferred Payment, Lump-Sum, and Nonmonetary Exchanges) Klamath Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to...

Q:

Sage Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its product, the company...

Q:

Peggy's Pillows produces and sells a decorative pillow for $75.00 per unit. In the first month of operation, 2,000 units were produced and 1,750 units were sold. Actual fixed costs are the same as...

Q:

Sheridan Corporation acquires a coal mine at a cost of $432,280. Intangible development costs total $107,000. After extraction has occurred, Sheridan must restore the property (estimated fair value...

Q:

A demand loan for $8,000 with interest at 16% compounded quarterly was repaid after two years and eight months. What was the amount of interest paid?

Q:

Period Product A Product B Product C Product D Product E 1 96 107 164 168 217 2 98 94 156 200 190 3 103 98 161 194 184 4 97 100 155 177 196 5 104 95 152 172 185 6 96 106 155 195 208 7 103 102 153 193...

Q:

Using IRAC (Issue, Rule of law, Analysis, and Conclusion). In the case of Horizon Mills Corp v QVC Inc., much turned on the question how consumers would interpret the term "Slinky." Do you think the...

Q:

(1 point) Hydrocodone is a commonly prescribed pain killer. Given an initial dosage P0 mg of hydrocodone, the amount of hydrocodone affecting a patient's nervous system If hours after taking the drug...

Q:

At the given temperature, experimental data for enzyme - catalyzed reaction rates were obtained as follows. Answer the following questions. The initially added enzyme concentration, E 0 , was 2 m o l...

Q:

Answer the following two independent questions. a. MM Corporation is considering several proposed investments for the coming budget year. MM produces electrical apparatus for industrial complexes....

Q:

LaGreca SA uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2019, included product X. Relevant per-unit data for product X are as...

Q:

The financial statements of adidas (DEU) and Puma (DEU) are presented in Appendices B and C, respectively. The complete annual reports, including the notes to the financial statements, are available...

Q:

Using the information in BE5.14, determine Martinez SA's free cash flow, assuming that it reported net cash provided by operating activities of R$400,000. Sale of land and...

Q:

Apply equivocality to an organization with which you are familiar.

Q:

Structuration theorists state that the theory has the potential to provide real-world applications. Discuss your reaction to this claim.

Q:

Employ syllogistic reasoning for and against each of the following topics: physician-assisted suicide, abortion, and medicinal marijuana use.