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Allocation of Package Purchase Price Tamock Company purchased a plant from one of its suppliers. The $950,000 purchase price included the land, a building, and
Allocation of Package Purchase Price Tamock Company purchased a plant from one of its suppliers. The $950,000 purchase price included the land, a building, and factory machinery. Tamock also paid $6,000 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 Company's records. Do not round until your final answers. Round answers to the nearest dollar
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