Suppose you have purchased land, a building, and some equipment. At the time of the acquisition,...

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Suppose you have purchased land, a building, and some equipment. At the time of the acquisition, the land has a current fair

business accounting

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Answer 1

Answer #1

	Fair value	Percentage of total
Land	80000	52.631579%	=80000/152000
Building	53000	34.868421%	=53000/152000
Equipment	19000	12.500000%	=19000/152000
Total	152000

Accounts	Debit	Credit
Land	76316		=145000*52.631579%
Building	50559		=145000*34.868421%
Equipment	18125		=145000*12.5%
Notes payable		145000

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Answer 2

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