Lump-sum purchase of the three assets, Accounting Basics

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Lump-sum purchase of the three assets

Problem:

Advanced Automotive pays $210,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $66,000, the building's current market value is $22,000, and the equipment's current market value is $132,000.

Required:

Question: Journalize the lump-sum purchase of the three assets for a total cost of $210,000. The business signs a note payable for this amount.

Note: Provide support for your rationale.

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Accounting Basics: Lump-sum purchase of the three assets

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Accounting Basics: Lump-sum purchase of the three assets

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