The Nathan Jacob's Company Paid $450,000 to Acquire Land, Building

question 19

Essay

The Nathan Jacob's Company paid $450,000 to acquire land, building, and equipment. At the time of the acquisition
Nathan paid $15,000 to have the property appraised. The following values were determined from the appraisal: land,
$125,000? building, $235,000? and equipment, $150,000.
Required:
1) What cost should Nathan Jacob's assign to the land, buildings, and equipment, respectively? round percentages to whole percents)
2) Provide the journal entry to record the acquisition on the books of Nathan Jacob's.

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