How To Book A Franchise Purchase with Equipment Value For $1

USA Discussion in 'General Accountancy Discussion' started by Acct888, Feb 16, 2017.

  1. Acct888

    Acct888

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    I have a client paid the initial fee to takeover a franchise for $30k and all the assets in the business was purchase for $1 consideration. However, the equipment according to the purchase invoices cost over $200k. How should this transaction be recorded on the books?
     
    Acct888, Feb 16, 2017
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