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Heston Inc. purchased land and a building for a combined cost of $97,000 in cash. The estimated fair values of the land and building are
Heston Inc. purchased land and a building for a combined cost of $97,000 in cash. The estimated fair values of the land and building are $40,000 and $60,000, respectively. Question: In the journal entry to record this purchase, by what amount should the "Building account be debited? Select one: a. $197,000 b. $97,000 c. $50,000 d. $58,200 e. $48,500
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