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Journalize the lump-sum purchase of the three assets

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Question - Tech support pays $310,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $ 68,000 the building's current market value is $136,000, and the equipment's current market value is $ 136,000.

Journalize the lump-sum purchase of the three assets for a total cost of $ 310,000. The business signs a note payable for this amount.

Reference no: EM131871820

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