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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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
You bought the land and building solely for the land.
So,
Debit Land 285,000
Credit Cash 285,000
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