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    kodaksun's Avatar
    kodaksun Posts: 1, Reputation: 1
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    #1

    Apr 28, 2007, 12:53 PM
    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
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Apr 28, 2007, 01:20 PM
    You bought the land and building solely for the land.

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