Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Everywhere Deliver Service paid $129,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a
Everywhere Deliver Service paid $129,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $75,000, the building $43,000 and the equipment $24,000. Journalize the lump-sum purchase of the three assets for a total cost of $129,000, the amount for which the business signed a note payable. Note: When inputting a percentage value, do not include the % symbol, and round your percent answer to two decimal places (e.g.,50.346% would be 50.35). Use the rounded values for calculations throughout the assessment. Asset Market Value Percentage of Total Value Assig X Total Purchase Price = Land Building Equipment Total Date Description Debit Credit X X
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To journalize the lumpsum purchase of the three assets by Everywhere Deliver Service we n...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