Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2015, at a total cash price of $820,000 for a building and, land 5512,200; land, $315,200; land improvements, S78,800; and four vehicles, 578,800. The company's fiscal year ends on December 31 improvements, and four vehicles. The estimated market values of the assets are building Required 1.1 Prepare a table to allocate the lump-sum purchase price to the separate assets purchased Percent o llocation of total A Total Appraised Value Total cost of Apportioned Acquisition cost ppraisedX Cost Value Building Land Land improvements Vehicles Total 1.2 Prepare the journal entry to record the purchase View transaction list Journal entry worksheet Record the costs of lump-sum purchase Note: Enter debits before credits. Date General Journal Debit Credit Jan 01
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!
