I am stuck. I need to prepare a journal entry for purchase of building. The confusing part is that there is a mortgage of 60,000 and cash of $30,000. But it says that the building is appraised at $100,000. How do I get to the $100,000?
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I am stuck. I need to prepare a journal entry for purchase of building. The confusing part is that there is a mortgage of 60,000 and cash of $30,000. But it says that the building is appraised at $100,000. How do I get to the $100,000?
The appraised value isn't relevant. It's recorded at cost.
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