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On September 8, 2018, Slash Company purchased the following assets: a building, land, and machinery. The appraised values of the assets were $1,089,600 for
On September 8, 2018, Slash Company purchased the following assets: a building, land, and machinery. The appraised values of the assets were $1,089,600 for land, $295,100 for machinery, and $885,300 for the building. The total purchase price of all three assets was $1,900,000. The company paid cash of $340,000 and signed a note payable for the remaining balance. Required a) Complete the table to determine the cost of the assets. Do not enter dollar signs or commas in the input boxes. Round all numbers to 2 decimal places. Item Assessment Percent Applied to Cost Building $885,300 % $ Land $1,089,600 % $ Machinery $295,100 % $ Total $2,270,000 b) Prepare the journal entry to record the purchase. Enter the debit accounts in alphabetical order. Enter the credit accounts in alphabetical order. Date Account Title and Explanation Sep 8 Building Land Machinery Cash Notes Payable Record the purchase of assets Debit Credit 340000
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