Question: The guidelines state that there are two debits and one credit for this transaction. Thanks! Please create a journal entry for this transaction. 1. On

The guidelines state that there are two debits and one credit

The guidelines state that there are two debits and one credit for this transaction. Thanks!

Please create a journal entry for this transaction.

1. On January 1, Pane buys land and a building for one lump-sum of cash. Contract price: $590,000 $ Fair Value: Land : S400,000 Fair Value: Building $200,000 Useful Life of Building (years) 20 Residual Value: Building $20,000

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