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2. Weyburn General Store recently negotiated a lump-sum purchase of several assets from another business. They completed the purchase on April 30, 2023, at a
2. Weyburn General Store recently negotiated a lump-sum purchase of several assets from another business. They completed the purchase on April 30, 2023, at a total cash price of $615,199 which included land, building, landscaping, and car. The estimated fair market values of the assets were. land $344,837, building $212,581, landscaping $95,222, and car $23,403. The Company has a June 30 year-end. Prepare a schedule to allocate the lump-sum purchase to separate assets. Also, prepare the general journal entry to record the transaction. (7) marks)
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