Concord Pet Care Clinic Concord Pet Care Clinic pays
$ 320 comma 000
$320,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of
$ 87 comma 500
$87,500, the building's current market value is
$ 105 comma 000
$105,000, and the equipment's current market value is
$ 157 comma 500.
$157,500. Prepare a schedule allocating the purchase price of
$ 320 comma 000
$320,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price.

Prepare a schedule allocating the purchase price of
$ 320 comma 000
$320,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price.

Begin by preparing a schedule allocating the purchase price of
$ 320 comma 000
$320,000.