Purchased a 1/3 share in a land roller, how do I record the expense and the 1/3 share of the asset on the books?
ADMIN RESPONSE
Feb 10, 2025
Hi Tammy! You would only enter in the portion you paid for, so if the land roller was $90,000 you would enter it in as a capital asset (C+) in class 8 for $30,000. Otherwise, it is the same as any other purchase.
