Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. freeman company purchased a tract of land on which

Freeman Company purchased a tract of land on which were located a warehouse and an...

90.2K

Verified Solution

Question

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 Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Arrange the following molecules in order of increasing average molecular speed. NO2 at 327K, He at 443K,...

Biology
1.2K views

Type of Plate Starch test Casein DNase Specific enzyme tested Amylase Specific Substrate Starch

Physics
1.2K views

Inside a cylinder having insulating walls and closed at ends is a movable piston which...

Basic Math
1.2K views

314 Chapter 3 Mastery Quiz K Explain how to simplify Choose the correct answe

Basic Math
1.2K views

Referring to the following table for the question Taxable Income Marginal Tax rate 0 10...

Basic Math
1.2K views

A jewelry store sells 168 diamond bracelets per month at $1100 each. The owners estimate...

Calculus
1.2K views

3x 2y 5 2 2 x y 5 4 x y 1 Find lim 2...

Algebra
1.2K views

10 The first term in an arithmetic sequence is 2 The third term in the...

Accounting
1.2K views

Given the following information from Rowdy Enterprises' direct materials...

Accounting
1.2K views

Journalize the entry for Company A's purchase of the exclusive right to manufacture and sell...

Accounting
1.2K views

Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for...

Finance
1.2K views

Question 13 Tries remaining: 2 Marked out of 8.00 P Flag question Clap Trap is...