Question
ABC purchased the following assets this year. Assets 1 and 2 were purchased as a lump sum for $100,000 cash. The table below gives further
ABC purchased the following assets this year.
Assets 1 and 2 were purchased as a lump sum for $100,000 cash. The table below gives further information on assets 1 and 2
| Description | Cost Recorded by Seller | Depreciation Recorded by Seller | Book Value for Seller | Appraised Amount |
| Machinery | 100,000 | 50,000 | 50,000 | 90,000 |
| Equipment | 60,000 | 10,000 | 50,000 | 30,000 |
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
9th Edition
978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062
