Jourdan Company purchased a restaurant building, land and equipment for $1,350,000. Deeds paid $250,000 in cash and issued a 20-year, 8 percent note to SunTrust for the balance. The appraised value of the assets are as follows: Land = $300,000, Building = $750,000, Equipment = $450,000. Total = $1,500,000. According to this, the amount to be recorded on the books for the Building would be: a). 750,000 b). 125,000 c). 675,000 d). None of the above
Jourdan Company purchased a restaurant building, land and equipment for $1,350,000. Deeds paid $250,000 in cash and issued a 20-year, 8 percent note to SunTrust for the balance. The appraised value of the assets are as follows: Land = $300,000, Building = $750,000, Equipment = $450,000. Total = $1,500,000. According to this, the amount to be recorded on the books for the Building would be: a). 750,000 b). 125,000 c). 675,000 d). None of the above
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 3RE: Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is...
Related questions
Question
100%
Only experts answer not use
![Jourdan Company purchased a restaurant building, land and equipment for $1,350,000.
Deeds paid $250,000 in cash and issued a 20-year, 8 percent note to SunTrust for the
balance. The appraised value of the assets are as follows: Land = $300,000, Building =
$750,000, Equipment = $450,000. Total = $1,500,000. According to this, the amount to be
recorded on the books for the Building would be:
a). 750,000
b). 125,000
c). 675,000
d). None of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F13479b25-9478-476a-9a44-474363c9dc2a%2F2efcfe15-ffe9-447c-837b-33a768c98da7%2Fw03ysy_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Jourdan Company purchased a restaurant building, land and equipment for $1,350,000.
Deeds paid $250,000 in cash and issued a 20-year, 8 percent note to SunTrust for the
balance. The appraised value of the assets are as follows: Land = $300,000, Building =
$750,000, Equipment = $450,000. Total = $1,500,000. According to this, the amount to be
recorded on the books for the Building would be:
a). 750,000
b). 125,000
c). 675,000
d). None of the above
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning