Question
Schwartz Co. paid $780,000 cash to buy the plant assets of Kimberly Co. that went out of business. An independent appraiser assigned the following values
Schwartz Co. paid $780,000 cash to buy the plant assets of Kimberly Co. that went out of business. An independent appraiser assigned the following values to the assets acquired:
Land | $522,000 |
Building | 243,000 |
Equipment | 135,000 |
Total | $900,000 |
Prepare Schwartz's journal entry to record the acquisition of these assets.
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