Question
Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $472,500. The estimated fair values of the assets are land
Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $472,500. The estimated fair values of the assets are land $90,000, building $330,000, and equipment $120,000. At what amounts should each of the three assets be recorded?
Recorded Amount
Land
$
Building
$
Equipment
$
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Macroeconomics
Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore, Ronald D. Kneebone
6th Canadian Edition
321675606, 978-0321675606
