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Good Buy Banners pays $ 2 2 0 , 0 0 0 cash for a group purchase of land, building, and equipment. At the time
Good Buy Banners pays $ cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $ the building $ and the equipment $ Journalize the lumpsum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset tabletableAssetMarket Value,tablePercentageof Total ValuetableTotalPurchasePricetableAssignedCost of EachAssetLand:BuildingEquipmentTotal Now, journalize the lumpsum purchase. Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table. tableDateAccounts and Explanation,Debit,CreditLand,,Building,Equipment,Cash,,To record purchase of the assets with cash.,,
Good Buy Banners pays $ cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $ the building $ and the equipment $ Journalize the lumpsum purchase.
First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset
tabletableAssetMarket Value,tablePercentageof Total ValuetableTotalPurchasePricetableAssignedCost of EachAssetLand:BuildingEquipmentTotal
Now, journalize the lumpsum purchase. Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.
tableDateAccounts and Explanation,Debit,CreditLand,,Building,Equipment,Cash,,To record purchase of the assets with cash.,,
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