Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tampines limited acquired a bundle of assets for a

Tampines Limited acquired a bundle of assets for a cash consideration of $200,000. The fair...

90.2K

Verified Solution

Question

Accounting

Tampines Limited acquired a bundle of assets for a cash consideration of $200,000. The fair values of the assets on date of acquisition was as follows. Building $132,000, Furniture $88,000. The appropriate journal entry to record this acquisition is Select one: a. DEBIT Property, plant and equipment $200,000, CREDIT Cash $200,000 b. DEBIT Property, plant and equipment $220,000, CREDIT Cash $220,000 c. DEBIT Building $132,000, DEBIT Furniture $88,000, CREDIT Cash $220,000 d. DEBIT Building $120,000, DEBIT Furniture $80,000, CREDIT Cash $200,000

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

Basic Math
1.2K views

According to the Carnegie unit system, the recommended number of hours students should study per unit...

Chemistry
1.2K views

Trypsin and chymotrypsin are members of the family of serine proteases. They cleave peptide bonds at...

Psychology
1.2K views

Advocacy Competency Domains Introduction As a counselor, you will sometimes be in the role of advocate....

General Management
1.2K views

catch me if you can (2002) write a report about catch me if you can (2002)...

Biology
1.2K views

speciation gerblis A Evolution produces new traits that are advantageous to one population of gerbils...

Statistics
1.2K views

Round using the place value method Fill in the place value chart to aid your...

Accounting
1.2K views

Consider taking 2 companies for analysis from Canada.

Accounting
1.2K views

11) Corporation A receives a dividend from Corporation B. Corporation A includes the dividend in...

Accounting
1.2K views

E5-24A (similar to) Hw Score: 16.67%, 1.67 of 10 the flow of l units Data...

Accounting
1.2K views

1. An excessive focus on diagnostic control systems and critical performance variables can cause an...

Accounting
1.2K views

Examples of blind resume evaluation Examples or multicultural intervie panels

Accounting
1.2K views

Anh this Question 21 Low Cost 130.000 3021 rancan0002022. The 2012 Component comencen 2017 21:45...