Bridge aty coezto.mheducation.com/hm.tpx?--0. 18702512177939323. 1509650229542 I

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Bridge aty coezto.mheducation.com/hm.tpx?--0. 18702512177939323. 1509650229542 IThe following information applies to the questions displayed below) Bndge City Consultung bought a building and the land on which It Is located for $125,000 cash. The land Is estimated to represent 60 percent of the purchase price. The company paid $10.000 for building renovations before It was ready for use value 0.50 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 (lf 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. Transaction General ]ournal Debit Credit and ash Record entry Clear entry iew general journal 0

Explanation / Answer

land Dr 75000

building Dr 60000

Cr cash 135000

total cash paid for the purchase = 125000 + 10000 = 135000

60% is land 125000 * 60% = 75000

125000 -75000 = 50000

50000 + 10000 = 60000 is the building cost

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