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1.A company acquired an office building on three acres of land for a lump-sum price of $2,900,000. The building was completely equipped. According to independent
1.A company acquired an office building on three acres of land for a lump-sum price of $2,900,000. The building was completely equipped. According to independent appraisals, the fair values were $1,840,000, $1,380,000, and $1,380,000 for the building, land, and equipment, respectively. At what amount would the company record the building?
A company purchased land, a building, and equipment for one price of $1,550,000. The estimated fair values of the land, building, and equipment are $193,750, $1,356,250, and $387,500, respectively. At what amount would the company record the land?Step by Step Solution
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
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