Safari Corporation has acquired a property that included both land and a building for $500,000. The corporation
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Question:
Safari Corporation has acquired a property that included both land and a building for $500,000. The corporation paid cash. The corporation hired an appraiser who has determined that the market value of the land is $300,000 and that of the building is $400,000. Journalize the lump-sum purchase.
Land | | |
Building | | |
Cash | | |
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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