Pittsfield Sound Center pays $290,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $102,400, the building's current market value is $64,000, and the equipment's current market value is $153,600. Prepare a schedule allocating the purchase price of $290,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $290,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs mote payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $290,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Value Market Value Cost of Each Asset Asset Land Building Equipment Total 100 96

Pittsfield Sound Center pays $290,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $102,400, the building's current market value is $64,000, and the equipment's current market value is $153,600. Prepare a schedule allocating the purchase price of $290,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $290,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs mote payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $290,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Value Market Value Cost of Each Asset Asset Land Building Equipment Total 100 96

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 1SEB

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