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Prepare the journal entry to record the purchase

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Reference no: EM132475821

Point 1: Beaumont company recently purchased some real estate that contain land improvements (parking lot) and a building. Beaumont has the property appraised after the purchase.

1. allocate the total cost of the three assets

land purchase =                          375,927

land appraisal =                         175,000

improvement appraisal =               87,000

building appraisal =                     210,000

Question 1: Prepare the journal entry to record the purchase

                       Debit. Credit

Land

Land Improvements

Building

Reference no: EM132475821

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