Posted: November 23rd, 2016
Liltua Company pays $ 375,280 for real estate plus $ 20,100 in closing cost. The real estate consist of land appraised at $ 157,040; land improvement appraised at $ 58,890 and building appraised at $ 176,670. Allocate the total cost among the three purchased assets and prepare the journal entry to record the purchase.
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