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1. Budget Banners pays $200,000 cash for a group purchase of land, building, and equipment....

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Accounting

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1. Budget Banners pays $200,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a markat value of $22,000, the building $187,000, and the equipment $11,000. Journalize the lump-sum purchase. Now, journalize the lump-sum purchase. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

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