Homework Answers
| Land | 65,000 | |
| Buildings | 52,000 | |
| Equipment | 13,000 | |
| Note payable | 130,000 | |
| (to record purchase of assets with note payable) |
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Solar Energy Consulting paid $130,000 for a group purchase of land, building, and equipment. At the...
Concord Pet Care Clinic paid $150,000 for a group purchase of land, building, and equipment. At...
Concord Pet Care Clinic paid $150,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $80,000, the building $64,000, and the equipment $16,000. Journalize the lump-sum purchase of the three assets for a total cost of $150,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the...
Please show how to calculate this problem Advanced Automotive paid $220,000 for a group purchase of...
Please show how to calculate this problem
Advanced Automotive paid $220,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $115,000, the building $92,000, and the equipment $23,000. Journalize the lump-sum purchase of the three assets for a total cost of $220,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $198,000, the building's current market value is $99,000, and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable...
1. Custom Banners pays $300,000 cash for a group purchase of land, building, and equipment. At...
1. Custom Banners 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 $119,000, the building $204,000, and the equipment $17.000. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Total Percentage of Total Market Purchase Price...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $80,000, the building's fair value is $53,000, and the equipment's fair value is $19,000. Journalize the lump-sum purchase of the three assets for a total cost of $145,000. Assume you sign a note payable for this amount Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $84,000, the building's fair value is $53,000, and the equipment's fair value is $10,000. Journalize the lump-sum purchase of the three assets for a total cost of $142,000. Assume you sign a note payable for this amount Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
S9-2 Making a lump-sum asset purchase Concord Pet Care Clinic paid $210,000 for a group purchase...
S9-2 Making a lump-sum asset purchase Concord Pet Care Clinic paid $210,000 for a group purchase of land, building and equipment. At the time of the acquisition, the land had a market value of $110.000 the building $88,000, and the equipment $22,000. Journalize the lump-sum purchase of the three assets for a total cost of $210,000, the amount for which the business signed a note payable.
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $72,000, the building's fair value is $57,000, and the equipment's fair value is $12,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000. Assume you sign a note payable for this amount. Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $190,000, the building's current market value is 599,000 and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then joumalize the lump sum purchase of the three assets. The business signs a note...
Cullumber purchased land and a building on April for 398,400. The company paid 123,600 in cash...
Cullumber purchased land and a building on April for 398,400.
The company paid 123,600 in cash and signed a 5% note payable
Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...
Concord Pet Care Clinic paid $150,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $80,000, the building $64,000, and the equipment $16,000. Journalize the lump-sum purchase of the three assets for a total cost of $150,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the...
Please show how to calculate this problem
Advanced Automotive paid $220,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $115,000, the building $92,000, and the equipment $23,000. Journalize the lump-sum purchase of the three assets for a total cost of $220,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $198,000, the building's current market value is $99,000, and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable...
1. Custom Banners 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 $119,000, the building $204,000, and the equipment $17.000. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Total Percentage of Total Market Purchase Price...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $80,000, the building's fair value is $53,000, and the equipment's fair value is $19,000. Journalize the lump-sum purchase of the three assets for a total cost of $145,000. Assume you sign a note payable for this amount Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $84,000, the building's fair value is $53,000, and the equipment's fair value is $10,000. Journalize the lump-sum purchase of the three assets for a total cost of $142,000. Assume you sign a note payable for this amount Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
S9-2 Making a lump-sum asset purchase Concord Pet Care Clinic paid $210,000 for a group purchase of land, building and equipment. At the time of the acquisition, the land had a market value of $110.000 the building $88,000, and the equipment $22,000. Journalize the lump-sum purchase of the three assets for a total cost of $210,000, the amount for which the business signed a note payable.
Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $72,000, the building's fair value is $57,000, and the equipment's fair value is $12,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000. Assume you sign a note payable for this amount. Prepare the journal entry for the lump-sum purchase. (Record debits first, then credits. Explanations are not required. Round percentages...
Pittsfield Sound Center pays $300,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $190,000, the building's current market value is 599,000 and the equipment's current market value is $33,000. Prepare a schedule allocating the purchase price of $300,000 to each of the individual assets purchased based on their relative market values, then joumalize the lump sum purchase of the three assets. The business signs a note...
Cullumber purchased land and a building on April for 398,400.
The company paid 123,600 in cash and signed a 5% note payable
Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...
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