Question
Palmore Corporation has acquired a property that included both land and a building for $500,000. The corporation paid cash. The corporation hired an appraiser who
Palmore Corporation has acquired a property that included both land and a building for
$500,000.
The corporation paid cash. The corporation hired an appraiser who has determined that the market value of the land is
$250,000
and the market value of the building is
$400,000.
What is the journal entry for the
lumpsum
purchase? (Round any intermediate calculations to two decimal places, and round your final answer to the nearest dollar.)
Question content area bottom
Part 1
A.
Land | 310,000 | |
Building | 190,000 | |
Cash | 500,000 |
B.
Land | 100,000 | |
Building | 400,000 | |
Cash | 500,000 |
C.
Land | 400,000 | |
Building | 100,000 | |
Cash | 500,000 |
D.
Land | 190,000 | |
Building | 310,000 | |
Cash | 500,000 |
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