Alpine Clothing purchased land, paying $125,000 cash and signing a $270,000 note payable. In addition, Alpine paid delinquent property tax of $1,600, title insurance costing $550, and $4,800 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land Record the journal entry for purchase of the land. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

Alpine Clothing purchased land, paying $125,000 cash and signing a $270,000 note payable. In addition, Alpine paid delinquent property tax of $1,600, title insurance costing $550, and $4,800 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land Record the journal entry for purchase of the land. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3PA: During the current year, Alanna Co. had the following transactions pertaining to its new office...

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