QUESTION 1 . Jones company purchases land and building for $1,000,000 Fair market value are : Landing
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Question:
QUESTION 1 .
Jones company purchases land and building for $1,000,000
Fair market value are : Landing $300,000 and Building $900,000
Prepare the journal entry to record the purchase.
Question 2.
Payroll for ABE co. is as follows:
Gross salaries $100,000
FICA $6,200
Medicare $1,450
Federal Taxes $20,000
MA Taxes $5,000
Federal unemployment 1%
MA unemployment 7%
Prepare journal entries to record payroll and payroll taxes.
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