July 2 Bought Splashdown in it's entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility(includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder. Journalise the transaction.© BrainMass Inc. brainmass.com June 4, 2020, 12:33 am ad1c9bdddf
The Journal Entry Will be
July 2 Pool Furniture 3800
The solution journalise the purchase of Splashdown business.