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A company purchased land with a building for a lump-sum cost of $2,570,000 cash. It was estimated that the land and building had market values
A company purchased land with a building for a lump-sum cost of $2,570,000 cash. It was estimated that the land and building had market values of $600,000 and $2,400,000, respectively. Determine the cost to be apportioned to the land and to the building and prepare the journal entry to record the acquisition.
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