Equipment with an estimated market value of $27,296 is offered for sale at $46,406. The equipment...
Equipment with an estimated market value of $27,296 is offered for sale at $46,406. The equipment is acquired for $15,463 in cash and a note payable of $21,045 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is
a. $42,759 b. $36,508 c. $15,463 d. $27,296
Homework Answers
Solution:
Amount in the buyer's accounting records to record this acquisition is = Cash paid + Note payable
= $15463 + $21045
= $36,508
Hence, option "b" is correct.
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