Friendly 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 fair 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 ...
Friendly 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 fair 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 ...
Chapter3: Income Sources
Section: Chapter Questions
Problem 43P
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Transcribed Image Text:Friendly 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 fair 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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