Question
Jourdan Company purchased a restaurant building, land and equipment for $1,350,000. Deeds paid $250,000 in cash and issued a 20-year, 8 percent note to SunTrust
Jourdan Company purchased a restaurant building, land and equipment for $1,350,000. Deeds paid $250,000 in cash and issued a 20-year, 8 percent note to SunTrust for the balance. The appraised value of the assets are as follows: Land = $300,000, Building = $750,000, Equipment = $450,000. Total = $1,500,000. According to this, the amount to be recorded on the books for the land would be:
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IT Auditing Using A System Perspective Premier Reference Source
Authors: Robert Elliot Davis
1st Edition
1799855481, 978-1799855484
