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Prepare the necessary journal entry to record the lump-sum

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Reference no: EM132821011

On August 1, 2021, Mark Leamington Engineering paid $ 1,000,000 in a lump-sum purchase of land, building, and equipment. The payment consisted of $ 200,000 cash and a note payable for the balance. An appraisal revealed the following fair values at the time of the purchase:

Land $ 500,000
Building 450,000
Equipment 250,000

Problem 1: Prepare the necessary journal entry to record this lump-sum purchase (round all percentage calculations to two decimal places).

Reference no: EM132821011

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