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question 63

Multiple Choice

[The following information applies to the questions displayed below.]

Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,900,000. Harding paid $350,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $374,000; Building, $1,100,000 and Equipment, $726,000.

-What journal entry would be used to record the purchase of the above assets?

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Definitions:

Direct Approach

A straightforward method of communication or action that goes straight to the point, without any detours or evasion.

React Negatively

To respond adversely or unfavorably to a situation, comment, or action.

Evidence

Information or data that is presented in support of an assertion, claim, or case, often in legal, scientific, or academic contexts.

Receptivity

The willingness or readiness to receive and consider new ideas or suggestions.