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:
On August 2, 2016, Alpha Company made a lump sumpurchase of land, building, and equipment. The following
were the appraised values
of each element:
PP&E Element
Amount
Land
$15,000
Building
30,000
Equipment
35,000
Alpha signed a 3 years, 5%, note in the amount of $92,000
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.”
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