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Home > Business & Careers > Accounting   »   Micellaneous Plant Asset Transactions

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Old Apr 28, 2007, 11:53 AM
kodaksun
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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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Old Apr 28, 2007, 12:20 PM   #2  
CaptainForest
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You bought the land and building solely for the land.

So,
Debit Land 285,000
Credit Cash 285,000
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