Sheridan Inc purchased land, a building, and land improvements from Kingswood Corporation for a cash payment of $451,000 The assets were on the books of Kingswood for the following amounts Land $36,000, Building cost $379,200 less Accumulated Depreciation of $79,000, and Land Improvements cost $33,000 less Accumulated Depreciation of $11,000 The assets appraised values at the date of purchase are Land $149,110, Building $274,170, and Land Improvements $57,720 a) Record the purchase of the assets on the books of Sheridan (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Account Titles and Explanation Debit Credit b) Record the disposal on the books of Kingswood Record as one entry (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Account Titles and Explanation Debit Credit List of accounts Accounts Payable Accumulated Amortization Copyrights Accumulated Amortization Goodwill Accumulated Amortization License Accumulated Amortization Patents Accumulated Amortization Trademark Accumulated Depreciation Building Accumulated Depreciation Equipment Accumulated Depreciation Furniture Accumulated Depreciation Land Improvements Accumulated Depreciation Mine Accumulated Depreciation Vehicles Advertising Expense Amortization Expense Building Cash Charitable Donation Expense Copyrights Cost of Goods Sold Depreciation Expense Equipment Furniture Gain on Disposal Goodwill Impairment Loss Indefinite Life Intangibles Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Land Improvements Licenses Loss on Disposal Loss on Fair Value Adjustment of Land Maintenance Expense Mine Mortgage Payable No Entry Notes Payable Notes Receivable Operating Expenses Other Expenses Patents Prepaid Insurance Property Tax Expense Research Expense Repairs Expense Trademark Training Expense Vehicles

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Sheridan Inc. purchased land, a building, and land improvements from Kingswood Corporation for a cash payment of $451,000. The assets were on the books of

Sheridan Inc. purchased land, a building, and land improvements from Kingswood Corporation for a cash payment of $451,000. The assets were on the books of Kingswood for the following amounts: Land: $36,000, Building cost $379,200 less Accumulated Depreciation of $79,000, and Land Improvements cost $33,000 less Accumulated Depreciation of $11,000. The assets appraised values at the date of purchase are Land $149,110, Building $274,170, and Land Improvements $57,720

a) Record the purchase of the assets on the books of Sheridan. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

Record the disposal on the books of Kingswood. Record as one entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)