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← Lexington Garden Supply paid $200,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a fair value of $105,000, the building $63,000, and the equipment $42,000. Journalize the lump-sum purchase of the three assets for a total cost of $200,000, the amount for which the business signed a note payable. (Record a single compound journ entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

← Lexington Garden Supply paid $200,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a fair value of $105,000, the building $63,000, and the equipment $42,000. Journalize the lump-sum purchase of the three assets for a total cost of $200,000, the amount for which the business signed a note payable. (Record a single compound journ entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

FINANCIAL ACCOUNTING
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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← Lexington Garden Supply paid $200,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a fair value of $105,000, the building $63,000, and the equipment $42,000. Journalize the lump-sum purchase of the three assets for a total cost of $200,000, the amount for which the business signed a note payable. (Record a single compound journ entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
Transcribed Image Text:← Lexington Garden Supply paid $200,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a fair value of $105,000, the building $63,000, and the equipment $42,000. Journalize the lump-sum purchase of the three assets for a total cost of $200,000, the amount for which the business signed a note payable. (Record a single compound journ 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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