Question
Maha Inc. purchased the following assets on November 23, 2018 (the fair market values of the assets are included as well): Land $ 170,600 Building
Maha Inc. purchased the following assets on November 23, 2018 (the fair market values of the assets are included as well): Land $ 170,600 Building $ 213,250 Machine $ 42,650 Total Fair Market Value of Assets $ 426,500 1. Maha Inc. paid the following amount for the assets: S 341,200 Prepare the journal entry to record the purchase (4 points). 2. Maha Inc. paid the following amount for the assets: S 426,500 Prepare the journal entry to record the purchase (4 points). 3. Maha Inc. paid the following amount for the assets: S 511,800 Prepare the journal entry to record the purchase (5 points)
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