Allocation of Package Purchase Price

Tamock Company purchased a plant from one of its suppliers. The $974,000 purchase price included the land, a building, and factory machinery. Tamock also paid $5,000 in legal fees to negotiate the purchase of the plant. An appraisal showed the following values for the items purchased:

Using the assessed value as a guide, allocate the total purchase price of the plant to the land, building, and machinery accounts in Tamock Companys records.

Question 2 Incorrect Mark 0.00 out of 2.00 P Flag question Allocation of Package Purchase Price Tamock Company purchased a plant from one of its suppliers. The $974,000 purchase price included the land, a building, and factory machinery. Tamock also paid $5,000 in legal fees to negotiate the purchase of the plant. An appraisal showed the following values for the items purchased: Property Assessed Value Land $126,000 Building 486,000 Machinery 288,000 Total $900,000 Using the assessed value as a guide, allocate the total purchase price of the plant to the land, building, and machinery accounts in Tamock Company's records. Allocation of Purchase Price Asset Land Building Machinery Total $ X Check