The Manson Company purchased assets for a lump-sum price of $1,000,000. An appraisal indicates the following market prices:
Equipment $560,000
Land $210,000
Building $630,000
Prepare the appropriate journal entry if Manson Company paid cash for this transaction.

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The Answer of The Manson Company purchased assets for a lump-sum price of $1,000,000. An appraisal indicates the following market prices:
Equipment $560,000
Land $210,000
Building $630,000
Prepare the appropriate journal entry if Manson Company paid cash for this transaction.

The Manson Company Purchased Assets for a Lump-Sum Price of $1,000,000