Foley Distribution Service pays $140,000 for a group purchase of land, building, and equipment. At.. 2 answers below »

Foley Distribution Service pays $140,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $75,000, the building s current market value is $45,000, and the equipment s current market value is $30,000. Journalize the lump-sum purchase of the three assets for a total cost of $140,000. You sign a note payable for this amount.

 

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