@RainflurryThanks, the owner just advised me that he forgot that it was originally valued at $450k on the sale document, so your original answer solves this. Ap...
@RainflurryThe business was offered for sale at $300k, and the buyer took out a $300k business loan to purchase it. The sale documents included that the buyer w...
@RainflurryThe total purchase price on the sale documents was $300k, and what you're saying makes sense, that the $300k is essentially the discounted sale price...
Thanks for your reply.The purchase was recorded as follows:DebitCreditxyz company fixed asset300kxyz mortgage payable300kThe SBA loan is separate and addition t...
