Malinda Enterprises purchases land for $245,000 by signing a note payable for the same amount. The company also pays for the following: $2,500 in realtor commission, $6,400 to remove an old building, $3,300 to have the land fenced, and $2,700 for outdoor lighting. They also purchased machinery for $40,000 cash. Prepare the journal entry required.

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The Answer of Malinda Enterprises purchases land for $245,000 by signing a note payable for the same amount. The company also pays for the following: $2,500 in realtor commission, $6,400 to remove an old building, $3,300 to have the land fenced, and $2,700 for outdoor lighting. They also purchased machinery for $40,000 cash. Prepare the journal entry required.

Malinda Enterprises Purchases Land for $245,000 by Signing a Note