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Prepare the journal entry to record the asset purchase

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Question - Blanchard Industries wanted a new warehouse so, they purchased land, building and parking lot for the delivery/receiving trucks. Total purchase price was $750,000. The appraised value of each component is as follows: Warehouse = $600,000, land = $150,000, and parking area = $100,000.

Prepare the journal entry to record the above pooled asset purchase.

Reference no: EM132819139

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