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    lengksar's Avatar
    lengksar Posts: 2, Reputation: 1
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    #1

    May 16, 2010, 12:51 PM
    journal entry purchase building for less than appraised value
    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?
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    May 20, 2010, 11:17 PM

    The appraised value isn't relevant. It's recorded at cost.
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