Usrey Company purchased a restaurant building, land, and equipment for $600,000 cash. The appraised value of the

Question:

Usrey Company purchased a restaurant building, land, and equipment for $600,000 cash. The appraised value of the assets was as follows:

Land .......$200,000

Building ..... 480,000

Equipment .... 120,000

Total .....$800,000

Required

a. Compute the amount to be recorded on the books for each of the assets.

b. Record the purchase in a horizontal statements model like the following one:

Usrey Company purchased a restaurant building, land, and equipment for

c. Prepare the general journal entry to record the purchase.

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Fundamental Financial Accounting Concepts

ISBN: 978-0078025907

9th edition

Authors: Thomas Edmonds, Christopher Edmonds

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Question Posted: Apr 20, 2015 07:31 AM

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Usrey Company purchased a restaurant building, land, and equipment for $600,000 cash. The appraised value of the

Question:

Assets -Liab. Equity Rev.ExpNet Inc. Cash Flow Cash + Land + Building +Equip.

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a Asset Appraised Value ...View the full answer

Fundamental Financial Accounting Concepts

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