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On June 15, 20X1, Evans Corp. purchased a building and a machine for a combined cost of $600,000 by paying $300,000 down in cash and
On June 15, 20X1, Evans Corp. purchased a building and a machine for a combined cost of $600,000 by paying $300,000 down in cash and financing the remaining $300,000 by issuing a two-year, 12%, note. The interest and principal on the note are both due when the note matures on June 15, 20X3. Evans had the building and machine appraised on the purchase date for the following amounts: Appraisal Value Building $405,000 Machine 270,000 Total $675,000 Question: In the journal entry to record the purchase of these two assets, by how much should the "Building" account be debited? Note: Do not include symbols, decimals, or cents in the numerical response. Answer: The "Building" account should be debited for $Answer 1 Question 3
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