Shevitz Limited purchased for cash a plant, including land, buildings and machinery, for $450,000 from Hite Company.These items were carried on Hite's books as follows: land, $150,000; building, $140,000; and machinery, $20,000.Immediately after the purchase, Shevitz employed a reliable firm to appraise the
assets, with the following results: land, $220,000; building, $190,000; and machinery, $75,000.Prepare the journal entry to record this purchase in Shevitz's accounting records.

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The Answer of Shevitz Limited purchased for cash a plant, including land, buildings and machinery, for $450,000 from Hite Company.These items were carried on Hite's books as follows: land, $150,000; building, $140,000; and machinery, $20,000.Immediately after the purchase, Shevitz employed a reliable firm to appraise the
assets, with the following results: land, $220,000; building, $190,000; and machinery, $75,000.Prepare the journal entry to record this purchase in Shevitz's accounting records.

Shevitz Limited Purchased for Cash a Plant, Including Land, Buildings