Multiple Choice
[The following information applies to the questions displayed below.]
Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,900,000. Harding paid $350,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $374,000; Building, $1,100,000 and Equipment, $726,000.
-What journal entry would be used to record the purchase of the above assets?
A) ![[The following information applies to the questions displayed below.] Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,900,000. Harding paid $350,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $374,000; Building, $1,100,000 and Equipment, $726,000. -What journal entry would be used to record the purchase of the above assets? A) B) C) D)](https://d2lvgg3v3hfg70.cloudfront.net/TB6522/11ea8a6f_8d6a_5378_a2a1_5b24b53381e7_TB6522_00.jpg)
B) ![[The following information applies to the questions displayed below.] Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,900,000. Harding paid $350,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $374,000; Building, $1,100,000 and Equipment, $726,000. -What journal entry would be used to record the purchase of the above assets? A) B) C) D)](https://d2lvgg3v3hfg70.cloudfront.net/TB6522/11ea8a6f_8d6a_5379_a2a1_9f53ba8f4264_TB6522_00.jpg)
C) ![[The following information applies to the questions displayed below.] Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,900,000. Harding paid $350,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $374,000; Building, $1,100,000 and Equipment, $726,000. -What journal entry would be used to record the purchase of the above assets? A) B) C) D)](https://d2lvgg3v3hfg70.cloudfront.net/TB6522/11ea8a6f_8d6a_7a8a_a2a1_2b94ddb811d5_TB6522_00.jpg)
D) ![[The following information applies to the questions displayed below.] Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,900,000. Harding paid $350,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $374,000; Building, $1,100,000 and Equipment, $726,000. -What journal entry would be used to record the purchase of the above assets? A) B) C) D)](https://d2lvgg3v3hfg70.cloudfront.net/TB6522/11ea8a6f_8d6a_a19b_a2a1_dbc1f96dee5b_TB6522_00.jpg)
Correct Answer:
Verified
Correct Answer:
Verified
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