Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Building, equipment, and land were purchased for a total amount of $1,900,000 on January 21, 2023. The assessed values of these purchases were $672,000 for
Building, equipment, and land were purchased for a total amount of $1,900,000 on January 21, 2023. The assessed values of these purchases were $672,000 for building, $336,000 for equipment and $1,092,000 for land. Calculate the cost of each asset by filling in the following table, and write the journal entry that records the purchase. Required a) Complete the table for the lump sum purchase. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Round all percentage figures to 2 decimal places. Item Appraised Value Percent Building Equipment Land Total $672,000 Jan 21 $336,000 $1,092,000 $2,100,000 %$448000 X %$224000 x Book Value %$728000 X b) Write the journal entry to record the purchase. Assume the company had enough cash to pay for the assets. Enter the debit entries in alphabetical order. Date Account Title and Explanation $ To record the purchase of building, equipment, and land Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started