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-   -   Micellaneous Plant Asset Transactions (https://www.askmehelpdesk.com/showthread.php?t=87218)

  • Apr 28, 2007, 12:53 PM
    kodaksun
    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
  • Apr 28, 2007, 01:20 PM
    CaptainForest
    You bought the land and building solely for the land.

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

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