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Accounting exam, need help please! determine total acquisition cost of basket purchase, allocate that cost to the individual assets acquired, and prepare the large journal
Accounting exam, need help please! determine total acquisition cost of basket purchase, allocate that cost to the individual assets acquired, and prepare the large journal entry.
IF YOU TAKE THIS PROBLEM PLEASE COMPLETE THE WHOLE PROBLEM.. THANKYOU VERY MUCH FOR YOUR TIME AND EFFORT! Also, please post your answers in labeled steps. (a,b,c) Thankyou!
und of Finl Acctg 5 cam #3-Ch 1-10 Question 25 (of 27) valuc: 7.50 points A company purchases property that includes land, buildings and equipment for $4.5 million. The company pays $179,000 in legal fees, $223,000 in commissions, and $107,000 in appraisal fees. The land is estimated at 28%, the buildings are at 44%, and the equipment at 28% of the property value Required: a. Determine the total acquisition cost of this "basket purchase" (Enter your answer in whole dollars and not in millions.) Acquisition cost b. Allocate the total acquisition cost to the individual assets acquired, (Enter your answers in whole dollars and not in millions.) LandStep by Step Solution
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