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)