10-35 Lump-Sum Purchase Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time u of acquisition, Garrett paid $20,000 for an appraisal, which revealed the following values: land, $100,000; build- ings, $125,000; and equipment, $25,000. hat cost should the company assign to the land, buildings, and equipment, respectively 2. Assume t hat Garrett uses IFRS and chooses to use the revaluation model to value its property, plant, and lue of the land, buildings, and equipment are $88,000, $104,000, and $18,000, respectively. The company determines that the fair value of the land, buildings, and equipment at the end of year is $110,000, $106,000, and $15,000, respectively. Prepare the journal entries that Garrett should make to value its property, plant, and equipment. , Auset Acquired by Donation A developer of a large shopping center donated a building and land to Hetting Co. t charge. The agreement provided that the company employ 350 people for 10 years. The land was appraised at $65,000 and the building at $44,000 without