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Mike Inc. makes a lump sum purchase for land and building and pays $300,000. The land has been independently appraised at $105,000 and the building
Mike Inc. makes a lump sum purchase for land and building and pays $300,000. The land has been independently appraised at $105,000 and the building has been appraised at $245,000. What is the journal entry to record the lump sum purchase? DR: Land [ Select ] DR: Building [ Select ] CR: Cash [ Select ]
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
