Ivanhoe Company built a warehouse for $396,000. It could have purchased the building for $464,000. The controller made the following entry. Buildings 464,000 Cash, Materials, Other Accounts 396,000 Profit on Construction 68,000 Prepare the entry that should have been made to record the acquisition. (Credit account titles are automatically indented when amount entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Ivanhoe Company built a warehouse for $396,000. It could have purchased the building for $464,000. The controller made the following entry. Buildings 464,000 Cash, Materials, Other Accounts 396,000 Profit on Construction 68,000 Prepare the entry that should have been made to record the acquisition. (Credit account titles are automatically indented when amount entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Name: Ivanhoe Company built a warehouse for $396,000. It could have purchas
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Description: Ivanhoe Company built a warehouse for $396,000. It could have purchased the building for $464,000. The controller made thefollowing entry.Buildings464,000Cash, Materials, Other Accounts396,000Profit on Construction68,000Prepare the entry that should

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.6: Buying Intangible Assets And Calculating Amortization Expense

Problem 1OYO

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