Business, 19.10.2021 09:30 aj0914

Lexington Garden Supply pays $340,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $118,400, the building's current market value is $222,000, and the equipment's current market value is $29,600. Prepare a schedule allocating the purchase price of $340,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $ 280,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price.

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Lexington Garden Supply pays $340,000 for a group purchase of land, building, and equipment. At the...

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