On August 1, 2024, Sheffield Leamington Engineering paid $1,026,000 in a lump-sum purchase of land, building, and
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Question:
On August 1, 2024, Sheffield Leamington Engineering paid $1,026,000 in a lump-sum purchase of land, building, and equipment. The payment consistedof $218,000 cash and a note payable for the balance. An appraisal revealed the following fair values at the time of the purchase:
Land - $526050
Building - $478800
Equipment - $255159
Prepare the necessary journal entry to record this lump-sum purchase.
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