Journalizing the lump sum purchase of assets, Accounting Basics

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Journalizing the lump sum purchase of assets

Response to the following problem:

Suppose at the time of your acquisition, the land has a current market value of $80,000, the building's market value is $60,000, and the equipment's market value is $20,000. Journalize the lump-sum purchase of the three assets for a total cost of $120,000. You sign a note payable for this amount.

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Accounting Basics: Journalizing the lump sum purchase of assets

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Accounting Basics: Journalizing the lump sum purchase of assets

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