rural tech support made $130,000 for agroup purchase of land, building and equiptment. At the...

60.1K

Verified Solution

Question

Accounting

rural tech support made $130,000 for agroup purchase of land, building and equiptment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000 and the equiptment $14,000. Journalize the lumpsum purchase of three assets for a total cost of $130,000 the amount which the business signed a payable note

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