Lynx Corp. purchased land, a building, and equipment from Cat Inc., for a cash payment of...
Lynx Corp. purchased land, a building, and equipment from Cat Inc., for a cash payment of $306,000. An independent estimator valued the land at $60,000, the building at $220,000, and the equipment at $80,000. Give the journal entry for Lynx to record this purchase.
Homework Answers
Total value = 60,000+220,000+80,000 = 360,000
| Land (60,000/360,000)*306,000 | 51,000 | |
| Buildings (220,000/360,000)*306,000 | 187,000 | |
| Equipment (80,000/360,000)*306,000 | 68,000 | |
| Cash | 306,000 |
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