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CarMax paid $120,000 in cash to acquire a group of assets consisting of Land appraised at $30,000, Equipment appraised at $40,000, and a Building appraised
CarMax paid $120,000 in cash to acquire a group of assets consisting of Land appraised at $30,000, Equipment appraised at $40,000, and a Building appraised at $80,000. The $120,000 cost is allocated on the basis of these appraised values. Requirements: Please calculate the amount that should be recorded by CarMax as the cost of each asset
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