Question
Benton Corporation acquired real estate that contained land, building and equipment. The property cost Benton $859,000. Benton paid $192,000 in cash and issued a Note
Benton Corporation acquired real estate that contained land, building and equipment. The property cost Benton $859,000. Benton paid $192,000 in cash and issued a Note Payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $102,000; Building, $642,000; and Equipment, $267,000.
What value will be recorded for the building?
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Public Finance In Canada
Authors: Harvey Rosen, Beverly George Dahlby, Roger Smith, Jean-Francois Wen, Tracy Snoddon
3rd Canadian Edition
0070951659, 978-0070951655
