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Freeman Company purchased a tract of land on which were located a warehouse and an office building. The cash purchase price was $165.000 plus $20,000
Freeman Company purchased a tract of land on which were located a warehouse and an office building. The cash purchase price was $165.000 plus $20,000 in fees connected with the purchase. The following information relates to the property. Tax Original Cost Assessment $40.000 Seller's Book Value $45,000 50.000 115,000 $210.000 Land Warehouse Building Total 60,000 $70,000 100,000 130,000 $300,000 100.000 $200,000 The building should be recorded at $100,000. $101,310 O $92,500 $80,167
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