There are two questions one is asking for journal entry, Please read and answer questions carefully.
Extracted text: Red River Bakery purchases land, building, and equipment for a single purchase price of $380,000. However, the estimated fair values of the land, building, and equipment are $168,000, $264,000, and $48,00o, respectively, for a total estimated fair value of $480,00o. Required: Determine the amounts Red River should record in the separate accounts for the land, the building, and the equipment. Allocation Amount of Basket Recorded Estimated Fair Value Percentage Purchase Amount Land Building Equipment Total $ 2$
Record the expenditures. All expenditures were paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 "/>
Extracted text: Holland Flour Mills purchased new equipment and made the following expenditures: Purchase price Sales tax Shipment of equipment Insurance on the equipment for the first year Installation of equipment $ 71, 000 5,800 960 660 1,920 Required: Record the expenditures. All expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the expenditures. All expenditures were paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1