Malinda Enterprises Purchases Land for $245,000 by Signing a Note

question 48

Essay

Malinda Enterprises purchases land for $245,000 by signing a note payable for the same amount. The company also pays for the following: $2,500 in realtor commission, $6,400 to remove an old building, $3,300 to have the land fenced, and $2,700 for outdoor lighting. They also purchased machinery for $40,000 cash. Prepare the journal entry required.

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Definitions:

Vitamin C

An essential nutrient and antioxidant important for immune function, skin health, and the repair of body tissues.

Vitamin B12

Vitamin B12 is a water-soluble vitamin necessary for the formation of red blood cells, neurological function, and DNA synthesis.

Ileum

The last portion of the small intestine. It is directly attached to the large intestine.

Small Intestine

A long, coiled part of the digestive system where most of the absorption of nutrients occurs.