12Bridge City Consulting bought a building and the land on which it is located for $195,000 cash.The land is estimated to represent 70 percent of the purchase price. The company paid $20,000for building renovations before it was ready for use.Part 1 of 2Required:5polnts2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and theyoccurred at the start of the year. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)еВookHintView transaction listPrintJournal entry worksheetA>ReferencesRecord all expenditures for the land and buildings assuming all transactionswere paid for with cash and occurred at the start of the year.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journal

The asset is valued at the total cost incurred to bring the asset for being ready to use.

Bridge City Consulting bought a building and the land on which it is located for $195,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20,000 for building renovations before it was ready for use.

Bridge City Consulting bought a building and the land on which it is located for $195,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $20,000 for building renovations before it was ready for use.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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