Atchison Corporation Purchased Equipment, a Building, and Land for $1,000,000

question 22

Essay

Atchison Corporation purchased equipment, a building, and land for $1,000,000 ($200,000 in cash and $800,000 in notes). After the purchase, the property was appraised. Fair market values were determined to be $240,000 for the equipment, $540,000 for the building, and $420,000 for the land.
Prepare the entry to record the purchase of this property by Atchison Corporation.

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