Andy Industries Is Making a Basket Purchase of 4 Items

Andy Industries is making a basket purchase of 4 items for $550,000 for cash. The current market values of the items are as follows:
Equipment $133,000
Furniture: $147,000
Trucks: $127,000
Fixtures: $168,000
Calculate to the nearest dollar the amount at which Andy Industries should value each item and write the journal entry for this basket purchase on April 14, 2011.
Equipment: $__________
Furniture: $__________
Trucks: $__________
Fixtures: $__________

Correct Answer:

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Equipment: $127,217
Furniture: $140,609
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