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On October 17th Nikle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nikle paid $300,000 down in cash and signed a notes payable for the balance. In the space below write the journal entry.
Land Costing
The total expenditure associated with acquiring land, including purchase price, closing costs, and preparation expenses.
IFRS
International Financial Reporting Standards, a set of accounting standards providing global framework for preparing financial statements.
Bank Overdrafts
Occurs when withdrawals from a bank account exceed the available balance, creating a negative balance.
Bonds Payable
A long-term debt instrument issued by a corporation or government, representing a promise to pay a specified sum of money at a future date along with periodic interest payments.
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