Foley Distribution Service pays $140,000 for a group purchase of land, building, and equipment. At the time

Question:

Foley Service pays $140,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $75,000, the building s current market value is $45,000, and the equipment s current market value is $30,000. Journalize the lump-sum purchase of the three assets for a total cost of $140,000. You sign a note payable for this amount.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...