Question Content AreaOn October 17, Nikle Company purchased a building and a plot of land for $419,600. The building was valued at $172,000 while the land carried a value of $247,600. Nikle paid $67,100 down in cash and signed a notes payable for the balance.Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank. On October 17, Nikle Company purchased a building and a plot of land for $419,600. The building was valued at $172,000 while the land carried a value of $247,600. Nikle paid$67,100 down in cash and signed a notes payable for the balance.Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank.Oct. 17

In this case, Building and Land are purchased against Partial Cash and the rest Notes Payable in…

Answered: On October 17, Nikle Company purchased…

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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On October 17, Nikle Company purchased a building and a plot of land for $419,600. The building was valued at $172,000 while the land carried a value of $247,600. Nikle paid $67,100 down in cash and signed a notes payable for the balance.

Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank.

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