Ivanhoe Company purchased land, a building, and equipment on January 2, 2021, for $940,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $388,000; of the building, $446,200; and of the equipment, $135,800. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2 Debit Credit

Ivanhoe Company purchased land, a building, and equipment on January 2, 2021, for $940,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $388,000; of the building, $446,200; and of the equipment, $135,800. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2 Debit Credit

Name: Ivanhoe Company purchased land, a building, and equipment on January
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Description: Ivanhoe Company purchased land, a building, and equipment on January 2, 2021, for $940,000. The company paid $160,000 cash andsigned a mortgage note payable for the remainder. Management's best estimate of the value of the land was $388,000; of the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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