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On April 1, 2020 x purchased land and a building for $960,000 (cash). The following data were collected concerning the property. Record the purchase of
- On April 1, 2020 x purchased land and a building for $960,000 (cash). The following data were collected concerning the property. Record the purchase of the land and building.
|
| Current Appraised Value | Sellers Book Values |
| Land | $400,000 | $160,000 |
| Building | $800,000 | $540,000 |
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