Questor Applications paid $180,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $95,000, the building $76,000, and the equipment $19,000. Journalize the lump-sum purchase of the three assets for a total cost of $180,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

Questor Applications paid $180,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $95,000, the building $76,000, and the equipment $19,000. Journalize the lump-sum purchase of the three assets for a total cost of $180,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

Name: Questor Applications paid $180,000 for a group purchase of land, buil
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Description: Questor Applications paid $180,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $95,000, the building $76,000, and the equipment $19,000. Journalize the lump-sum purchase of th

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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