Glenmore Reservoir Corporation paid $4,000,000 in a lump-sum purchase of land, a building, and equipment. The payment consisted of $1,500,000 cash and a note payable for the balance. An appraisal indicated the following fair values at the time of the purchase:
Prepare the journal entry to record this lump-sum purchase (round all percentage calculations to two decimal places).

Question

Glenmore Reservoir Corporation paid $4,000,000 in a lump-sum purchase of land, a building, and equipment. The payment consisted of $1,500,000 cash and a note payable for the balance. An appraisal indicated the following fair values at the time of the purchase:
  Prepare the journal entry to record this lump-sum purchase (round all percentage calculations to two decimal places).

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The Answer of Glenmore Reservoir Corporation paid $4,000,000 in a lump-sum purchase of land, a building, and equipment. The payment consisted of $1,500,000 cash and a note payable for the balance. An appraisal indicated the following fair values at the time of the purchase:
  Prepare the journal entry to record this lump-sum purchase (round all percentage calculations to two decimal places).

Glenmore Reservoir Corporation Paid $4,000,000 in a Lump-Sum Purchase of Land