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Pittsfield Sound Center pays $310,000 for a group purchase of land, building, and equipment. At...

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Accounting

Pittsfield Sound Center pays $310,000 for a group purchase of land, building, and equipment. At
the time of acquisition, the land has a current market value of $34,000, the building's current
market value is $221,000, and the equipment's current market value is $85,000. Prepare a
schedule allocating the purchase price of $310,000 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 for the purchase price.
Prepare a schedule allocating the purchase price of $310,000 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 for the purchase price.
Begin by preparing a schedule allocating the purchase price of $310,000.(Do not enter the %
sign within the input fields of the Percentage of Total Market column.)
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