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(Lump-sum acquisition) The Allred Shipping Co. acquired land, buildings, and equipment at a lump-sum price of $920,000. An appraisal of the assets at the time

(Lump-sum acquisition)

The Allred Shipping Co. acquired land, buildings, and equipment at a lump-sum price of $920,000. An appraisal of the assets at the time of acquisition disclosed the following values:

What cost should be assigned to each asset?
 

Land......... Buildings...... Equipment.. $150,000 600,000 250,000

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