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On April 1, Mask Makers Inc. purchased for $1,500,000 a tract of land on which a warehouse and office building was located. The following data
On April 1, Mask Makers Inc. purchased for $1,500,000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property:
Current Assessed Valuation Vendors Original Cost
Land $600,000 $550,000
Warehouse 400,000 370,000
Office building 800,000 680,000
$1,800,000 $1,600,000
What are the appropriate amounts that Mask Makers Inc. should record for the land, warehouse, and office building, respectively?
On April 1, Mask Makers Inc. purchased for $1,500,000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property:
Current Assessed Valuation Vendors Original Cost
Land $600,000 $550,000
Warehouse 400,000 370,000
Office building 800,000 680,000
$1,800,000 $1,600,000
What are the appropriate amounts that Mask Makers Inc. should record for the land, warehouse, and office building, respectively?
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