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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 lumpsum purchase of several assets from another
business. They completed the purchase on June at a total cash price of $ which
included land, parking lot, garage, and truck. The estimated fair market values of the assets were
land $ parking lot $ garage $ and truck $ The Company has a
September yearend. Prepare a schedule to allocate the lumpsum purchase to separate assets.
Also, prepare the general journal entry to record the transaction. marks
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