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Retail entry re just acquired land and a building for a

Question - Retail Entry (RE) just acquired land and a building for a single sum of $400,000. An independent appraisal determined the fair values of the assets (if purchased separately) at $300,000 for the land, $200,000 for the building. Prepare the journal entry to record the purchase of the land and building.

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Accounting Basics: Retail entry re just acquired land and a building for a

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