Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,710,000. Harding paid $455,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $481,000; Building, $1,430,000 and Equipment, $949,000. What journal entry would be used to record the purchase of the above assets? (Do not round intermediate calculations.) Account TitleDebitCreditLand480,000Building1,430,000Equipment980,000Cash2,890,000Account TitleDebitCreditLand480,000Building1,430,000Equipment980,000Cash455,000Notes payable2,435,000Account TitleDebitCreditLand287,591Building855,000Equipment567,409Cash455,000Notes payable1,255,000Account TitleDebitCreditLand480,000Building1,430,000Equipment980,000Cash455,000Notes payable1,255,000Gain on purchase of long-term assets1,180,000

Name: Harding Corporation acquired real estate that contained land, building
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Description: Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,710,000. Harding paid $455,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the follo

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Harding $1,710,000. Harding paid $455,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $481,000; Building, $1,430,000 and Equipment, $949,000. What journal entry would be used to record the purchase of the above assets? (Do not round intermediate calculations.)

Harding $1,710,000. Harding paid $455,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $481,000; Building, $1,430,000 and Equipment, $949,000. What journal entry would be used to record the purchase of the above assets? (Do not round intermediate calculations.)

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Chapter8: Subprime Lending Fiasco-ethics Issues

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