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Fred Moss, owner of Moss Interiors, is negotiating for the purchase of zweifel Galleries. The balance sheet of Zweifel is given in an abbreviated form
Fred Moss, owner of Moss Interiors, is negotiating for the purchase of zweifel Galleries. The balance sheet of Zweifel is given in an abbreviated form below. Moss and Zweifel agree that: The land has a fair market value of $172, 860. The equipment has a fair market value of $155, 140. Zweifel agrees to sell the gallery to Moss for $400,000. Prepare the entry to record the purchase of Zweifel Galleries on Mosss books
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