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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.)
Brake Fluid
A hydraulic fluid used in brake systems to transfer force into pressure.
Master Cylinder
The main component in a vehicle's brake system that converts pedal pressure into hydraulic pressure to apply the brakes.
Hygroscopic
A characteristic of brake fluid by which it absorbs moisture. Over time, this can damage the hydraulic system components.
Proportioning Valve
A valve in a vehicle's brake system that regulates the pressure between the front and rear brakes to prevent rear wheel lockup during braking.
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