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Exercise 7 - 3 ( Algo ) Allocate costs in a basket purchase ( LO 7 - 1 ) Cold Stone Bakery purchases land, building,

Exercise 7-3(Algo) Allocate costs in a basket purchase (LO7-1)
Cold Stone Bakery purchases land, building, and equipment for a single purchase price of $520,000. However, the estimated fair values of the land, building, and equipment are $186,000,$372,000, and $621000, respectively, for a total estimated fair value of $620,000.
Required:
Determine the amounts Cold Stone should record in the separate accounts for the land, the building, and the equipment.
\table[[,Estimated Fair Value,\table[[Allocation],[Percentage]],\table[[Amount of Basket],[Purchase]],\table[[Recorded],[Amount]]],[Land,,%,,],[Building,,%,,],[Equipment,,%,,],[Total,$,,,$
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