RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. RAM Manufacturing maintains a lot of inventory and uses NetSuite as their ERP system. RAM Manufacturing recently purchased a new warehouse building for $350,000, paid $3,000 in legal fees, $10,000 in agent commissions and $150,000 to remodel the warehouse. The land on which the warehouse sits cost $170,000. RAM Manufacturing took out a mortgage for $500,000 and paid the remainder in cash. Record the journal entry.

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The Answer of RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. RAM Manufacturing maintains a lot of inventory and uses NetSuite as their ERP system. RAM Manufacturing recently purchased a new warehouse building for $350,000, paid $3,000 in legal fees, $10,000 in agent commissions and $150,000 to remodel the warehouse. The land on which the warehouse sits cost $170,000. RAM Manufacturing took out a mortgage for $500,000 and paid the remainder in cash. Record the journal entry.

RAM Manufacturing LLC Is a Rapidly Growing Manufacturer of Parts