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Kenyon Company purchased land and a building for $270,000 (basket purchase). The appraised values of the land and building were $75,000 and $225,000, respectively.The purchase
Kenyon Company purchased land and a building for $270,000 (basket purchase). The appraised values of the land and building were $75,000 and $225,000, respectively.The purchase price allocated to the land should be:
$67,500
$75,000
$202,500
$270,000
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