ARecord costs of lump-sum purchase.Note: Enter debits before credits.Transaction1General JournalDebitCredit> Diego Company paid $199,000 cash to acquire a group of items consisting of land appraised at $47,600 and a building appraised at$190,400. Allocate total cost to these two assets and prepare an entry to record the purchase.Complete this question by entering your answers in the tabs below.GeneralJournalAllocate total cost to these two assets.Total CostLandBuildingTotalsPercent of Total Apportioned Cost

A lump-sum purchase occurs when several assets are acquired for a single price. Each of the assets…

Answered: A Record costs of lump-sum purchase.…

Business

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A Record costs of lump-sum purchase. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A
Record costs of lump-sum purchase.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
>

Diego Company paid $199,000 cash to acquire a group of items consisting of land appraised at $47,600 and a building appraised at
$190,400. Allocate total cost to these two assets and prepare an entry to record the purchase.
Complete this question by entering your answers in the tabs below.
General
Journal
Allocate total cost to these two assets.
Total Cost
Land
Building
Totals
Percent of Total Apportioned Cost

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