Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. retail entity (re) just acquired land and a buildi

Retail Entity (RE) just acquired land and a building for a single sum of $40,000....

50.1K

Verified Solution

Question

Accounting

Retail Entity (RE) just acquired land and a building for a single sum of $40,000. An independent appraisal determined the fair vales of the assets (if purchased separately) at $30,000 for the land, $20,000 for the building. Prepare the journal entry to record the purchase of the land and building.

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

Algebra
1.2K views

Are the following statements true or false?1. If the set of vectors U spans a...

Psychology
1.2K views

why do you think God would create a world wherein every living creature must eat to...

Basic Math
1.2K views

You don't need to be rich to buy a few shares in a mutual fund. The...

Physics
1.2K views

Six spheres each of mass m and radius r are placed with their centres on...

Geometry
1.2K views

3 Square A is a dilation of square B What is the scale factor Show...

Basic Math
1.2K views

Simplify the given equation.5x + 2(x - 3) = +2(x - 1)7x-6=-2x-27x-6=-2x+27x-3 = -2x-1

Algebra
1.2K views

y e x 2 Show Transcribed Text domain range y 3 State the domain and...

Accounting
1.2K views

w w

Accounting
1.2K views

ABC Corporation was formed at the beginning of last year. The balances on its post-closing...

Accounting
1.2K views

During the current year L sold his business and received $460,000 for its related franchise....

Accounting
1.2K views

only do the second part which is below the general entries. below attached ...

Accounting
1.2K views

HW CH 10 6 Saved Help Save & Exit Submit Check my work Spring Manufacturing...