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Questor Applications pays $190,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value
Questor Applications pays $190,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $57,500, the building's current market value is $92,000, and the equipment's current market value is $80,500. Journalize the lump-sum purchase of the three assets for a total cost of $190,000. You sign a note payable for this amount. Journalize the lump-sum purchase of the three assets for a total cost of $190,000. You sign a note payable for this amount. (Record debits first, then credits. Leave unused cells blank. Explanations are not required.) Questor Applications pays $190,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $57,500, the building's current market value is $92,000, and the equipment's current market value is $80,500. Journalize the lump-sum purchase of the three assets for a total cost of $190,000. You sign a note payable for this amount
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