Lump-sum asset purchase [10 min]
Rural Tech Support pays $130,000 for a group purchase of land, building, and equipment. At the time of your acquisition, the land has a market value of $70,000, the building $56,000, and the equipment $14,000.
Requirement
1. Journalize the lump-sum purchase of the three assets for a total cost of $130,000. You sign a note payable for this amount
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