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Advanced Automotive pays $310,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $68,000, the building's current market value is $238,000, and the equipment's current market value is $34,000. Prepare a schedule allocating the purchase price of $310,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $310,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $310,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Cost of Each Value Market Value Asset Asset Land Building Equipment Total 100 % % %

Advanced Automotive pays $310,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $68,000, the building's current market value is $238,000, and the equipment's current market value is $34,000. Prepare a schedule allocating the purchase price of $310,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $310,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $310,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Cost of Each Value Market Value Asset Asset Land Building Equipment Total 100 % % %

FINANCIAL ACCOUNTING
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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Advanced Automotive pays $310,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $68,000, the building's current market value is $238,000, and the equipment's current market value is $34,000. Prepare a schedule allocating the purchase price of $310,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $310,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $310,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Value Market Value Cost of Each Asset Asset Land Building Equipment Total 100 ... % % % %
Transcribed Image Text:Advanced Automotive pays $310,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $68,000, the building's current market value is $238,000, and the equipment's current market value is $34,000. Prepare a schedule allocating the purchase price of $310,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $310,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $310,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Market (Sales) Percentage of Total Value Market Value Cost of Each Asset Asset Land Building Equipment Total 100 ... % % % %
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