Advanced Automotive pays $280,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $31,000, the building's current market value is $93,000, and the equipment's current market value is $186,000. Prepare a schedule allocating the purchase price of $280,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $280,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $280,000. Market Percentage of Total Cost of (Sales) Value Asset Market Value Each Asset Land % % Building Equipment % Total 100 % Enter any number in the edit fields and then click Check Answer. ? part Clear All Check Answer remaining S7-3 (book/static) Question Help Identify each of the following items as either a capital expenditure (C), an immediate expense (E), or neither (N): Type of Expenditure Transaction 1. Constructed a new parking lot on leased property for $300,000 2. Paid property taxes of $75,000 for the first year a new administrative services building was occupied. 3. Paid dividends of $40,000. 4. Paid interest on a six-month note payable that financed the construction of a new plant building, $550,000. 5. Purchased equipment for a new manufacturing plant, $6,000,000. Choose from any drop-down list and then click Check Answer. ? part remaining Clear All Check Answer Advanced Automotive pays $280,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $31,000, the building's current market value is $93,000, and the equipment's current market value is $186,000. Prepare a schedule allocating the purchase price of $280,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $280,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $280,000. Market Percentage of Total Cost of (Sales) Value Asset Market Value Each Asset Land % % Building Equipment % Total 100 % Enter any number in the edit fields and then click Check Answer. ? part Clear All Check Answer remaining S7-3 (book/static) Question Help Identify each of the following items as either a capital expenditure (C), an immediate expense (E), or neither (N): Type of Expenditure Transaction 1. Constructed a new parking lot on leased property for $300,000 2. Paid property taxes of $75,000 for the first year a new administrative services building was occupied. 3. Paid dividends of $40,000. 4. Paid interest on a six-month note payable that financed the construction of a new plant building, $550,000. 5. Purchased equipment for a new manufacturing plant, $6,000,000. Choose from any drop-down list and then click Check Answer. ? part remaining Clear All Check
