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3 years ago

Foley Distribution ServiceFoley Distribution Service

Business

1 answer:

zheka24 [161]3 years ago

7 0

Explanation:

The single compound journal entry is as follows:

Land A/c Dr $105,000 ($210,000 × 0.5)

Building A/c Dr $84,000 ($210,000 × 0.4)

Equipment A/c Dr $21,000 ($210,000 × 0.1)

To Notes payable A/c $210,000

(Being the acquisition is made via note payable is recorded)

The computation is shown below:

Total market value

= Land market value + building market value + equipment market value

= $110,000 + $88,000 + $22,000

= $220,000

The proportion of each asset to market value is

Land market value $110,000 (A) 0.5 (A ÷ D)

Building market value $88,000 (B) 0.4 (B ÷ D)

Equipment market value $22,000 (C) 0.1 (C ÷ D)

Total market value $220,000 (D)

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