Advanced Automotive pays $140,000 for a group purchase of land, building, and equipment. At the...
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Accounting
Advanced Automotive pays $140,000 for a group purchase of land, building, and equipment. At the time of your acquisition, the land has a market value of $75,000, the building $60,000, and the equipment $15,000. Requirements: 1. Read through the entire problem individually. 2. Journalize the lump-sum purchase of the three assets for a total cost of $140,000. (You sign a note payable for this amount.) 3. Each team should select one member to record the groups' response
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