Here is some data, create journal entry. This is to create the correct items for tax purposes on schedule E and to record the correct asset entry on a new rental home purchase. How many general journal entries would you make and what would they look like?
1.Selling price: $500,000
2.Settlement charges:
i. 1 year insurance $7247.22

ii. Title search $200

iii. Title insurance $1245

iv. Pest control inspection $125

v. Home inspection $1250

vi. Other misc fees for closing $4,837