Prepare journal entry to record the purchase of equipment, Accounting Basics

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Prepare journal entry to record the purchase of equipment

Question:

On January 1, 2011, Galaxy Sun Industries acquired a new piece of machinery and a used truck from Acme Equipment Company. Galaxy Sun negotiated a price of $125,000 for both items. The fair market value of the equipment was $120,000, and the fair market value of the truck was $30,000. Galaxy Sun Industries signed a note with Acme to make the purchase.

Prepare the journal entry to record the purchase of the equipment

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Accounting Basics: Prepare journal entry to record the purchase of equipment

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