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Blanchard Industries wanted a new warehouse so, they purchased land, building and parking lot for the delivery/receiving trucks.Total purchase price was $750,000.The appraised value of

Blanchard Industries wanted a new warehouse so, they purchased land, building and parking lot for the delivery/receiving trucks.Total purchase price was $750,000.The appraised value of each component is as follows:Warehouse = $600,000, land = $150,000, and parking area = $100,000

Prepare the journal entry to record the above pooled asset purchase.(10 marks)

Calculations:

AppraisedAllocatedWarehouseLandParkingTotal

Journal Entry:

Account name:DebitCreditBank

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