Freeman Company purchased a tract of land on which were located a warehouse and an...
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Accounting
Freeman Company purchased a tract of land on which were located a warehouse and an office building. The cash purchase price was $364,000 plus $26,000 in fees connected with the purchase. The following information relates to the property.
Tax Assessment
Sellers Book Value
Original Cost
Land
$52,000
$26,000
$26,000
Warehouse
104,000
52,000
156,000
Building
156,000
130,000
208,000
Prepare the journal entry to record this purchase.
Account Name
Dr.
Cr.
Land
Answer
Answer
Warehouse
Answer
Answer
Building
Answer
Answer
Cash
Answer
Answer
Answer & Explanation
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