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On April 12,2017, Prism Ltd., a camera lens manufacturer, paid cash of $552,375 for real estate plus $20,400 cash in closing costs. The real estate
- On April 12,2017, Prism Ltd., a camera lens manufacturer, paid cash of $552,375 for real estate plus $20,400 cash in closing costs. The real estate included land appraised at $240,480, land improvements appraised at $83,100, and a building appraised at $261,300. Allocate the total cost among the three purchased assets.
5 marks
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| Appraised Value | Percent of Total | Apportioned Cost |
| Real Estate
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| Land Improvements
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| Building
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| Total
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