Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Please need answer this general accounting question
Transcribed Image Text:Lancaster Holdings purchased a group of assets for $28,800.
The assets and their relative market values are listed below:
Asset
Land
Market Value ($)
$7,200
Equipment $3,800
Building
$4,500
Which of the following amounts would be debited to the Land
account?
a. $7,680
b. $13,920
c. $8,640
d. $6,048
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ISBN:9781305654174
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Publisher:Cengage Learning