Concord Pet Care Clinic paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000, and the equipment $14,000. Journalize the lumi purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the entry table.) Date Accounts and Explanation Debit Credit
Concord Pet Care Clinic paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000, and the equipment $14,000. Journalize the lumi purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the entry table.) Date Accounts and Explanation Debit Credit
Chapter3: Income Sources
Section: Chapter Questions
Problem 43P
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![Concord Pet Care Clinic paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000, and the equipment $14,000. Journalize the lump-sum
purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. (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
...](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6c9103e-f3a9-4a92-afcf-53f0918d2ccb%2F3e0253ce-c3ea-4d70-92ee-7f67f9eac188%2Fceauas_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Concord Pet Care Clinic paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000, and the equipment $14,000. Journalize the lump-sum
purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. (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
...
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