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Lump Sum Purchase On March 1, Ashford Industries purchased property for $300,000. The property included...

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Accounting

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Lump Sum Purchase On March 1, Ashford Industries purchased property for $300,000. The property included an acre of land appraised at $100,000, a building appraised at $175,000, and equipment appraised at $125,000. Prepare the journal entry to record the acquisition. Do not round intermediate calculations and record all final answers to the nearest dollar when required. READ: The account names have not been indented on purpose. Select the account name to be included in the journal entry choose whether that account is debited or credited, and finish by entering the amount. Debits still need to come before credits. There could be spaces for an account that are unnecessary meaning the journal entre needs only four accounts or three accounts. If an account blank is not needed, select "No Entry" for the Account Name blank(s), select "No Entry" for the Debitor edit blank(s), and enter "0" (a zero with no quotes) in the Amount column. For example, if you only need three accounts in the journal entry, the last Account Title blank will have "No Entry" as an account name and O in the Amount column. Date Account Titles and Explanation Debit or Credit Amount

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