14. Jourdan Company purchased a restaurant building, land and equipment for $1,350,000. Deeds paid $250,000 in cash and issued a 20-year, 8 percent note to SunTrust for the balance. The appraised value of the assets are as follows: Land = $300,000, Building = $750,000, Equipment = $450,000. Total = $1,500,000. According to this, the amount to be recorded on the books for the Equipment would be:

a). 450,000

b). 405,000

c). 75,000

d). None of the Above

15. Midwest Company purchased a building and the land on which the building is located for a total cost of $1,000,000 cash. The land was appraised at $400,000 and the building at $800,000. What is the accounting term for this type of acquisition?

a). Group of Assets

b). Basket Purchase

c). Conglomerate Acquisition

d). Bunch of Stuff