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o eztu.mheatcation.com/hm.tpx l AppsADP ezlaborManag On-Site.com On-Site-Secure CusTwitter Instagram On-Site.com The following information applies to the questions displayed below Bridge City Consulting bought a building and the land on which it is located for $175,000 cash. The land is estimated to represent 70 percent of the purchose prce. The company paid $20,000 for building renovations before it was ready for use 1. 2.00 points Required: 2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the year. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record all expenditures for the land and buildings assuming all transactions were paid for with cash and occurred at the start of the year. Note: Enter debits before credits General Journal Debit Credit ransaction

Explanation / Answer

Journal entry :

Transaction General journal Debit credit 1 Land (175000*70%) 122500 Building (175000*30%+20000) 72500 Cash 195000 (To record expense)

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