Great Plains Company Has Acquired a Property That Included Both

question 47

Essay

Great Plains Company has acquired a property that included both land and a building for $500,000.The company paid cash.The company hired an appraiser who has determined that the market value of the land is $300,000 and that of the building is $400,000.Journalize the lump-sum purchase.Omit explanation.(Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar.)

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Definitions:

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A device used in medical emergencies that delivers high concentrations of oxygen to patients who are breathing but not adequately.

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A non-invasive ventilation technique that provides two levels of pressure to assist with breathing, often used for sleep apnea or respiratory failure.

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A germ-free covering applied to a wound to promote healing and prevent infection.

Chest Wall

The structure enclosing the chest, consisting of the sternum, ribs, and spine, protecting respiratory and cardiac organs.