Micellaneous Plant Asset Transactions

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» Micellaneous Plant Asset Transactions

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Apr 28, 2007, 12:53 PM

kodaksun

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Join Date: Apr 2007

Posts: 1

Micellaneous Plant Asset Transactions

Paid Cash of $285,000 for land appraised at $250,000 and an existing building, which will be destroyed to make room for a new one, appraised at $50,000.
What is the journal entry for this. Thank you

kodak

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Apr 28, 2007, 01:20 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,672	You bought the land and building solely for the land. So, Debit Land 285,000 Credit Cash 285,000

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