Journalize the lump-sum purchase
Problem
Tony Starks pays $300,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $55,000, the building $225,000, and the equipment $70,000. Journalize the lump-sum purchase.
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Tony Starks pays $300,000 cash for a group purchase of land, building, and equipment. Journalize the lump-sum purchase.
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