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Record this basket purchase for leotis company

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Reference no: EM133174484

Question - Lump Sum (Basket) Purchase Challenge Leotis Company purchased property from Sammy Corp. that included land, a building, furniture, and equipment for $1, 100,000 ($400,000 cash and a note payable for the remainder). The management at Leotis Company estimates that the land has a fair market value of $500,000; the building has a FMV of $600,000; the equipment has a FMV of $100,000; the furniture has a FMV of $30,000. Record (journalize) this basket purchase for Leotis Company.

Reference no: EM133174484

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