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Replying to:
Rainflurry
Level 15

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@aaaccounting 

 

Was the purchase price of the assets $450K?  If so, then your JE is correct - debit the appropriate asset account(s), credit SBA loan payable. The "assumed" SBA loan should be included in the basis of the assets purchased: $300K loan payable + $150K SBA loan payable = $450K asset basis.

 

    

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