Question: Prepare a journal entry to record the purchase QUESTION 2-Lump- sum purchase XY purchased a plant, including land, buildings, and machinery, for $50,000. These items

Prepare a journal entry to record the purchase

QUESTION 2-Lump- sum purchase XY purchased a plant, including land, buildings, and machinery, for $50,000. These items were carried on the books of the seller as follows: land, $15,000; building, $40,000, and machinery, $20,000 Immediately after the purchase, XY employed a reliable firm to appraise the assets with the following results: Land Building $15,000 Machinery $33,000 $12,000 Provide the journal entry to record the purchase Date Explanation/ Account PR Debit Credit

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