Power Point on Creating a Business
February 1, 2021
Issue of business strategy
February 1, 2021

Question 1

On August 2, 2016, Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:
PP&E Element Amount
Land $10,000
Building 20,000
Equipment 30,000
Alpha signed a 3 years, 5%, note in the amount of $72,000 for the lump sum purchase. Use this information to prepare the General Journal entry (without explanation) for August 2. If no entry is required then write “No Entry Required.”
Even though the appraisal is lower than the purchase, I would ignore it? With the 5%, I have it as $3,600 or $72,000 x .05. The post Question 1 first appeared on Unified Papers.Question 1 was first posted on February 1, 2021 at 4:47 am.©2019 "Unified Papers". Use of this feed is for personal non-commercial use only. If you are not reading this article in your feed reader, then the site is guilty of copyright infringement. Please contact me at support@nursingtermpaper.org

 

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