Beta Corporation purchased $120,000 worth of land by paying 12,000 cash and sign
ID: 2377844 • Letter: B
Question
Beta Corporation purchased $120,000 worth of land by paying 12,000 cash and signing a $108,000 mortgage. Immediately prior to this transaction the corporation had assets, liabilities, and owners' equity in the amounts of $152,000, $31,000, and $121,000 respectively. What is the total amount of Beta Corporation's assets after this transaction has been recorded?
Beta Corporation purchased $120,000 worth of land by paying 12,000 cash and signing a $108,000 mortgage. Immediately prior to this transaction the corporation had assets, liabilities, and owners' equity in the amounts of $152,000, $31,000, and $121,000 respectively. What is the total amount of Beta Corporation's assets after this transaction has been recorded?
Explanation / Answer
total amount of assets=120000+152000-12000=260,000
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