Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. retail entity (re) just acquired land and a buildi

Retail Entity (RE) just acquired land and a building for a single sum of $40,000....

50.1K

Verified Solution

Question

Accounting

Retail Entity (RE) just acquired land and a building for a single sum of $40,000. An independent appraisal determined the fair vales of the assets (if purchased separately) at $30,000 for the land, $20,000 for the building. Prepare the journal entry to record the purchase of the land and building.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

5 9 Question 8 1 point Listen Which stage of cell division is shown in...

Biology
Q

Simplify the expression to a + bi form:(12 - 9i)

Basic Math
Q

Convert to Fahrenheit. Use the formula F=(9/5)+C+3261C=______ F

Basic Math
Q

224 Suppose that a particle moves along a straight line with velocity defined by v...

Calculus
Q

Use a double angle formula to find the exact value of the given expression 2...

Calculus
Q

On June 1, Target sold 100 HP laptops to UCF for $500 each with terms...

Accounting
Q

MC Qu. 83 Bracken Corporation is a small wholesaler... Bracken Corporation is a small wholesaler...

Accounting
Q

Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $1,300 in...

Accounting
Q

*E7.18 (LO 5), AP During October, Bismark Light Company experiences the following transactions in establishing...

Accounting
Q

In your data set is a random list of Data Science salaries from 2020 -...

Accounting
Q

Compute the discounted payback statistic for Project C if the appropriate cost of capital is...

Finance
Q

7 ?based on the information in the table, which of the following statement is correct...

Finance