1. Budget Banners pays $200,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $22,000, the building $187,000, and the equipment $11,000. Journalize the lump-sum purchase First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate thee assigned cost for each asset. Percentage of Total Value Total Purchase Price Assigned Cost of Each Asset Market Value Asset Land Building Equipment Total Now, journalize the lump-sum purchase. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Debit Credit Date Accounts and Explanation 1. Budget Banners pays $200,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $22,000, the building $187,000, and the equipment $11,000. Journalize the lump-sum purchase First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Assigned Accumulated Depreciation Building Accumulated Depreciation-Equipment Building Cash Depreciation Expense-Building Cost of Asset Land Building EquipmentDepreciation Expense-Equipment Total Now, journa Land - Each Asset Equipment Gain on Disposal d debits first, then credits. Select the explanation on the last line of the journal entry table.) Loss on Disposal Notes Payable Date Debit Credit 1. Budget Banners pays $200,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $22,000, the building $187,000, and the equipment $11,000. Journalize the lump-sum purchase First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Percentage of Total Value Total Purchase Price Assigned Cost of Each Asset Market Value Asset Land Building Equipment Total Now, journalize the lump-sum purchase. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Debit Credit Date To record depreciation on building To record depreciation on equipment. To record purchase of the assets with cash and note payable To record purchase of the assets with cash To record sale of building Choose from any list or enter any number in the input fields and then continue to the next
