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wanted to post these question Caronport Carpentry Shop recently negotiated a lump - sum purchase of several assets from another business. They completed the purchase

wanted to post these question
Caronport Carpentry Shop recently negotiated a lump-sum purchase of several assets from another
business. They completed the purchase on June 30,2022, at a total cash price of $774,535 which
included land, parking lot, garage, and truck. The estimated fair market values of the assets were
land $299,075, parking lot $15,317, garage $488,814, and truck $20,767. The Company has a
September 30 year-end. Prepare a schedule to allocate the lump-sum purchase to separate assets.
Also, prepare the general journal entry to record the transaction. (7 marks)
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