Pittsfela Sound Center paid $200,000 for a group purchase of land, bulding, and equipment At the time of the acquisition, the land had a market value of $105,000, the bulding $84.000, and the equpment$21,000. Journalze the lump-sum prchase of the three assets for a total cost of $200.000. the amount for which the business signed a note payabie. (Record a sngle compound journal enty. Record debits frstthen eredits Select the explanation on the last ine of the joumal entry table)DateAccounts and ExplanationDebitCreditLandBuidingEquomentNotes Payable

Cost of the Land = Total amount paid x Market value of the Land / Total market value of the assets…

Pitfeld Sound Center paid 200.000 tor a group purchase of land, bulding, and equipment A the time of the acquiton, the land had a market value of $105,000, the bulding S4.000, and the equpnent $21.000 Journale the lump-sum purchase of the three assets for a total cost of $200.000, the amourt for which the business siged a note payabie. Record a sngle compound jounal entry Record debits frst then oredits Select the planation on the last ine of the joumal entry table) Date Accounts and Explanation Debit Crede Land Buiding Equoment Nates Payable

Pitfeld Sound Center paid 200.000 tor a group purchase of land, bulding, and equipment A the time of the acquiton, the land had a market value of $105,000, the bulding S4.000, and the equpnent $21.000 Journale the lump-sum purchase of the three assets for a total cost of $200.000, the amourt for which the business siged a note payabie. Record a sngle compound jounal entry Record debits frst then oredits Select the planation on the last ine of the joumal entry table) Date Accounts and Explanation Debit Crede Land Buiding Equoment Nates Payable

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 7E: Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for...

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