Foley Distribution Service paid $ 150,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $ 80,000, the building $ 64,000, and the equipment $ 16,000. Journalize the lump-sum purchase of the three assets for a total cost of $ 150,000, the amount for which the business signed a note payable

Homework: Chapter 10 Fall 2019 core: 0 of 10 pts 1 of 10 (0 complete) 10-2 (similar to) HW Score: 0%, 0 of 100 Question Help Foley Distribution Service paid $150,000 for a group purchase of land, building, and equipment. At the time of the acquisition the land had a market value of $80,000, the building $64,000, and the equipment $16,000. Journalize the lump sum purchase the three assets for a total cost of $150,000, the amount for which the business signed a note payable. (Record a single compound journal entry Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Land Building Equipmer Noles Pa hoose from any list or enter any number in the input fields and then click Check Answer parts showing Clear All Check Answer O Type here to search 0 Bte 9