Ivanova Consulting provides engineering consulting services to a wide variety of clients. On June 1, 2023 the company was able to get a great deal on two pieces or equipment and supplies from a small firm going out of business.

Equipment A has a fair value of $63600,

Equioment B has a fair value of $48000, and

Supplies has a fair value of $6000.

Ivanova Consulting paid $96000 cash for all three items. Also, the seller was

able to transfer the remaining insurance coverage (7 months) on both pieces of equipment as it was already paid for and the provider would not issue a refund to the seller. This insurance is valued at $2400.

Using the relative fair value approach record the journal entry to account for this purchase transaction.