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Journalize the lump-sum purchase of the three assets

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Question - Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair value of $84,000, the building's fair value is $59,000, and the equipment's fair value is $18,000. Journalize the lump-sum purchase of the three assets for a total cost of $155,000. Assume you sign a note payable for this amount. Prepare the journal entry for the lump-sum purchase.

Reference no: EM133057843

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