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Question

Beaumont company recently purchased some real estate that contain land improvements (parking lot) and a building.

Beaumont has the property appraised after the purchase.

1. allocate the total cost of the three assets


land purchase = 375,927

land appraisal = 175,000

improvement appraisal = 87,000

building appraisal = 210,000


  1. prepare the journal entry to record the purchase

Debit. Credit

Land

Land Improvements

Building

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Journal entry to record the purchase Debit.... View the full answer

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