On April 1, 2023, Gold Co. bought the assets of Silver, Inc. consisting of land, a...

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On April 1, 2023, Gold Co. bought the assets of Silver, Inc. consisting of land, a building, equipment, supplies, and inventory. The purchase price for the assets was $1,200,000. The appraised value of (1) the land was $200,000, (2) the building was $600,000, (3) the equipment was $400,000, (4) the supplies $200,000, and (5) the inventory $200,000. Gold, Co. paid Silver, Inc. $1,000,000 in cash and delivered a promissory note for $200,000. The term of the note is one year and the note bears interest at the annual rate of 6%. Gold, Co. also paid the county a transfer tax of $2,000 for the purchase of the land. Journal these transactions on the records of Gold Co. On April 1, 2023, Gold Co. bought the assets of Silver, Inc. consisting of land, a building, equipment, supplies, and inventory. The purchase price for the assets was $1,200,000. The appraised value of (1) the land was $200,000, (2) the building was $600,000, (3) the equipment was $400,000, (4) the supplies $200,000, and (5) the inventory $200,000. Gold, Co. paid Silver, Inc. $1,000,000 in cash and delivered a promissory note for $200,000. The term of the note is one year and the note bears interest at the annual rate of 6%. Gold, Co. also paid the county a transfer tax of $2,000 for the purchase of the land. Journal these transactions on the records of Gold Co.

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The journal entries for the transactions on the records of Gold Co would be ... View the full answer