Homework Answers
Answer:
| 1) | Amount | Calculation |
| Land | 2,20,755 | (225,000*780,000/795,000) |
| Inventory | 98,113 | (100,000*780,000/795,000) |
| Office building | 4,61,132 | (470,000*780,000/795,000) |
| Total amount | 7,80,000 | |
| 2)Journal entry | |||
| Date | General Journal | Debit($) | Credit($) |
| May31 | Land | 2,20,755 | |
| 2018 | Inventory | 98,113 | |
| Office building | 4,61,132 | ||
| Cash | 7,80,000 | ||
| (to record the lump sum purchase) | |||
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