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Marin Co. purchased for $1,936,000 property that included both land and a building to be used in operations. The sellers book value was $264,000 for
Marin Co. purchased for $1,936,000 property that included both land and a building to be used in operations. The sellers book value was $264,000 for the land and $792,000 for the building. By appraisal, the fair value was estimated to be $440,000 for the land and $1,760,000 for the building. At what amount should Marin report the land and the building at the end of the year? (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places e.g. 58,971.)
Cost allocated to land | $ | ||
Cost allocated to building | $ |
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