Question

ACCT125 - Introductory Accounting II Assignment #1 Chapter 9 39 marks v111 Name: Student Number: 2 Weyburn General Store recently negotiated a lump-sum purchase of several assets from another business. They completed the purchase on April 30, 2023, at a total cash price of $615,199 which included land, building, landscaping, and car. The estimated fair market values of the assets were land $344,837, building $212,581, landscaping $95,222, and car $23,403. The Company has a June 30 year-end. Prepare a schedule to allocate the lump-sum purchase to separate assets. Also, prepare the general journal entry to record the transaction. (7 marks)

          ACCT125 - Introductory Accounting II
Assignment #1
Chapter 9
39 marks
v111
Name:
Student Number:
2 Weyburn General Store recently negotiated a lump-sum purchase of several assets from another
business. They completed the purchase on April 30, 2023, at a total cash price of $615,199 which
included land, building, landscaping, and car. The estimated fair market values of the assets were
land $344,837, building $212,581, landscaping $95,222, and car $23,403. The Company has a June
30 year-end. Prepare a schedule to allocate the lump-sum purchase to separate assets. Also,
prepare the general journal entry to record the transaction. (7 marks)

ACCT125 - Introductory Accounting II
Assignment #1
Chapter 9
39 marks
v111
Name:
Student Number:
2 Weyburn General Store recently negotiated a lump-sum purchase of several assets from another
business. They completed the purchase on April 30, 2023, at a total cash price of 615,199 which
included land, building, landscaping, and car. The estimated fair market values of the assets were
land344,837, building 212,581, landscaping95,222, and car 23,403. The Company has a June
30 year-end. Prepare a schedule to allocate the lump-sum purchase to separate assets. Also,
prepare the general journal entry to record the transaction. (7 marks)

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