Everywhere Deliver Service paid $137,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $74,000, the building $44,000 and the equipment $24,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000, the amount for which the business signed a note payable. Note: When inputting a percentage value, do not include the % symbol, and round your percent answer to two decimal places (e.g.,50.346% would be 50.35). Use the rounded values for calculations throughout the assessment. Total Market Asset Value Percentage of Total Value Assigned Cost of X Purchase Price = Each Asset Land Building Equipment Total X X X Date Description Debit Credit
Everywhere Deliver Service paid $137,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $74,000, the building $44,000 and the equipment $24,000. Journalize the lump-sum purchase of the three assets for a total cost of $137,000, the amount for which the business signed a note payable. Note: When inputting a percentage value, do not include the % symbol, and round your percent answer to two decimal places (e.g.,50.346% would be 50.35). Use the rounded values for calculations throughout the assessment. Total Market Asset Value Percentage of Total Value Assigned Cost of X Purchase Price = Each Asset Land Building Equipment Total X X X Date Description Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Everywhere Deliver Service paid $137,000 for a group purchase of land, building, and
equipment.
At the time of the acquisition, the land had a market value of $74,000, the building $44,000
and the equipment $24,000.
Journalize the lump-sum purchase of the three assets for a total cost of $137,000, the amount
for which the business signed a note payable.
Note: When inputting a percentage value, do not include the % symbol, and round your
percent answer to two decimal places (e.g.,50.346% would be 50.35). Use the rounded values
for calculations throughout the assessment.
Total
Market
Asset
Value
Percentage of Total Value
Assigned Cost of
X
Purchase
Price
=
Each Asset
Land
Building
Equipment
Total
X
X
X
Date Description
Debit
Credit
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