Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tampines limited acquired a bundle of assets for a

Tampines Limited acquired a bundle of assets for a cash consideration of $200,000. The fair...

70.2K

Verified Solution

Question

Accounting

Tampines Limited acquired a bundle of assets for a cash consideration of $200,000. The fair values of the assets on date of acquisition was as follows. Building $132,000, Furniture $88,000. The appropriate journal entry to record this acquisition is Select one: a. DEBIT Property, plant and equipment $200,000, CREDIT Cash $200,000 b. DEBIT Property, plant and equipment $220,000, CREDIT Cash $220,000 c. DEBIT Building $132,000, DEBIT Furniture $88,000, CREDIT Cash $220,000 d. DEBIT Building $120,000, DEBIT Furniture $80,000, CREDIT Cash $200,000

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Corner Jewelers, Inc. recently analyzed the project whose cash flows are shown below. However, before the...

Finance
Q

Write a balanced reaction that describes the conversion of Spessartine (Mn3Al2Si3O12) to Tephroite (Mn2SiO4), Kyanite (Al2SiO5), and...

Chemistry
Q

A zero-momentum spin stabilized satellite has a momentum wheel spinning at 5000 rpm. The angular momentum...

Mechanical Engineering
Q

what is the effect that poverty has over gender inequality

Psychology
Q

Ad Critique:  Students must complete a critique of an advertisement: • Select advertisement (print, online, tv, radio, etc.)...

Operations Management
Q

Solve the triangle.a = 59.79 mi, b=40.04 mi, C= 52.1Find the length of side c....

Basic Math
Q

f f x dx 9 S Let Find 2 f x dx 2 f x...

Calculus
Q

Find the complex roots of x 4x 9 0 O 2 2 5 O 2...

Algebra
Q

x 8 x2 9x 8 Simplify the given expression

Algebra
Q

11) Corporation A receives a dividend from Corporation B. Corporation A includes the dividend in...

Accounting
Q

You received $1,200 from your subscribers for the next 12 months on January 1,2019. Journalize...

Accounting
Q

describe the government effort to reduce audit failures

Accounting