Question: Question 7 ( 3 points ) Saved Lake Co . purchases a two buildings ( Building 1 and Building 2 ) and land in a
Question points Saved Lake Co purchases a two buildings Building and Building and land in a group purchase from Ocean, Inc. Lake spends $ in total. The fair market value of Building is $ The fair market value of Building is $ and the fair market value of the land is $ The book value of the assets on Ocean Inc.s books are the following: Building : $; Building : $; Land: $ What journal entry will Lake Co record upon acquisition of Building Building and the land? Question options: Dr Building $ Dr Building $ Dr Land $ Cr Cash $ Dr Building $ Dr Building $ Dr Land $ Cr Cash $ Dr Building $ Dr Building $ Dr Land $ Cr Cash $ Dr Building $ Dr Building $ Dr Land $ Cr Cash $
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