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Take me to the text On September 8, 2021, ACME Hotel purchased the following assets a building, furniture and land. The appraised values of the
Take me to the text On September 8, 2021, ACME Hotel purchased the following assets a building, furniture and land. The appraised values of the assets were $962,500 for the building $577,500 for furniture and $1,210,000 for land. The total purchase price of all three assets was $2,410,000, ACME Hotel paid $370,000 in cash and will pay the remaining balance later Required a) Complete the table to determine the cost of the assets. Do not enter dollar signs or commas in the input boxes. Round all numbers to 2 decimal places Item Appraised Value Percent Applied to Cost Building $962,500 % 5 Furniture $577,500 % Land $1,210,000 % Total $2,750,000 $ b) Prepare the journal entry to record the purchase Enter the debit accounts in alphabetical order. Enter the credit accounts in alphabetical order Date Account Title and Explanation Debit Credit Sep 8 Building . Furniture . Land >
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