Recording a Lump-Sum Acquisitlon Freeman Company purchased a tract of land on which were located...
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Recording a Lump-Sum Acquisitlon Freeman Company purchased a tract of land on which were located a warehouse and an office building. The cash purchase price was $252,000 plus $18,000 in fees connected with the purchase. The following information relates to the property. Seller's Original Assessment Book Value Cost $36,000 $18,000 $18,000 Land Warehouse 72,000 36,000 108,000 Building 90,000 144,000 108,000 Prepare the journal entry to record this purchase. Account Name Dr. Cr. Land 40,500 x Warehouse 81,000 x Building 148,500 x Cash 270,000 v
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