Assume Trois Cuisines Manufacturing bought three machines in a $100,000 lump-sum purchase. An independent appraiser valued the machines as follows: (1) Trois Cuisines paid one-third in cash and signed a note payable for the remainder. What is each machine’s individual cost? (2) Immediately after making this purchase, Trois Cuisines sold machine 2 for its appraised value. What is the result of the sale? Round to three decimal places. The result of the sale a _____ of $_____. Prepare the journal entry to record the sale. Please show all steps.
Assume Trois Cuisines Manufacturing bought three machines in a $100,000 lump-sum purchase. An independent appraiser valued the machines as follows: (1) Trois Cuisines paid one-third in cash and signed a note payable for the remainder. What is each machine’s individual cost? (2) Immediately after making this purchase, Trois Cuisines sold machine 2 for its appraised value. What is the result of the sale? Round to three decimal places. The result of the sale a _____ of $_____. Prepare the journal entry to record the sale. Please show all steps.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Assume Trois Cuisines Manufacturing bought three machines in a $100,000 lump-sum purchase. An independent appraiser valued the machines as follows:
(1) Trois Cuisines paid one-third in cash and signed a note payable for the remainder. What is each machine’s individual cost? (2) Immediately after making this purchase, Trois Cuisines sold machine 2 for its appraised value. What is the result of the sale? Round to three decimal places.
The result of the sale a _____ of $_____.
Prepare the
Please show all steps.
Transcribed Image Text:Machine No.
Appraised Value
1
S27,000
45,000
3
36,000
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