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On August 1, 2024, Pina Leamington Engineering paid $1,021,000 in a lump-sum purchase of land, building, and equipment. The payment consisted of $215,000 cash
On August 1, 2024, Pina Leamington Engineering paid $1,021,000 in a lump-sum purchase of land, building, and equipment. The payment consisted of $215,000 cash and a note payable for the balance. An appraisal revealed the following fair values at the time of the purchase: Land $520,410 Building 460,650 Equipment 263,940 Prepare the necessary journal entry to record this lump-sum purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit Date Account Titles Debit Credit Aug. 1, 2024 eTextbook and Media List of Accounts
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