Question

Equipment with an estimated market value of $26,637 is offered for sale at $47,677. The equipment is acquired for $15,905 in cash and a note payable of $24,649 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is

Answer 1

The amount used in the buyer's accounting records to record this acquisition is $40,554.

Buyer's accounting records to record acquisition:

Using this formula

Acquisition amount= Cash paid + Note payable

Where:

Cash paid=$15,905

Note payable=$24,649

Let plug in the formula

Acquisition amount= $15,905 + $24,649

Acquisition amount= $40,554

Inconclusion the amount used in the buyer's accounting records to record this acquisition is $40,554.

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