Question

On October 17, Nikle Company purchased a building and a plot of land for $750,000. The building was valued at $435,000 while the land carried a value of $315,000. Nikle paid $53,500 down in cash and signed a notes payable for the balance. Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank.

Answer 1

Answer:

Explanation:

Asset dr.          750000

    Cash cr.             53500

    Liability cr.         696500