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Journal entry

A company purchases property that includes land, buildings and equipment for $4.6 million. The company pays $185,000 in legal fees, $212,000 in commissions, and $107,000 in appraisal fees. The land is estimated at 26%, the buildings are at 44%, and the equipment at 30% of the property value. Prepare the journal entry that is required to record the purchase assuming that the company paid 50% of the amounts using cash and signed a note for the remainder. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field. Enter your answer in dollars and not in millions.) Record the purchase of land, buildings and equipment assuming that the company paid 50% of the amounts using cash and signed a note for the remainder.

SOLUTION

Cost of property Add:Add:Add: $4,600,000 Legal fees $185,000 Commissions $212,000 Appraisal fees$107,000Total acquisition cost $5,104,000 Land ($5,104,000 x 26%) Buildings…

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