Land and building were purchased for $250,000. Of this amount $70,000 applied to the land, and $180,000 to the building. A cash payment of $100,000 was made at the time of the purchase, and a note payable was issued for the remaining balance.
Land and building were purchased for $250,000. Of this amount $70,000 applied to the land, and $180,000 to the building. A cash payment of $100,000 was made at the timeof the purchase, and a note payable was issued for the remaining balance.