Journalize the lump-sum purchase of the assets

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Reference no: EM131819947

Question: Making a lump-sum asset purchase Foley Distribution Service paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $42,000, and the equipment $28,000. Journalize the lump-sum purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable.

Reference no: EM131819947

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