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Cobb Corn Company purchases a large lot on which a building is located. The negotiated purchase price is $2,500,000 for the lot and the building.
Cobb Corn Company purchases a large lot on which a building is located. The negotiated purchase price is $2,500,000 for the lot and the building. The company pays $71,500 in commissions and taxes. The appraisal values of each items is as follows: Land $650,000, Building $1,750,000, Land Improvements $120,000. What is the appropriate amount to be entered into the general journal for the building? The answer is $1,784,621 If someone could show me how to get the answer that would really be appreciated. Thanks
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