Reference no: EM132822899
Lump Sum Purchase and Cost Allocation
On July 1, 2019, PJ's Lighting purchased a new location. The purchase included the following assets: land, a building, equipment (shelving units), and equipment (manufacturing machine). An appraiser estimated the fair market value of the land, building, shelves, and machine to be $100,000, $600,000, $150,000 and $550,000, respectively. The purchase price was $1,200,000 plus 4% commission to the real estate agent for assisting in the purchase of all assets, $13,000 in back taxes on the building, and $3,500 in attorney's fees. In addition to the previous amounts paid for in cash, PJ's Lighting assumed a mortgage of $100,000 on the land.
Problem 1: Record the journal entry on July 1, 2019 to record the purchase of the assets.
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Record the journal entry on july to record the purchase
: On July 1, 2019, PJ's Lighting purchased a new location. Record the journal entry on July 1, 2019 to record the purchase of the assets.
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