Question
On May 1, 2016, Lenny Corporation purchased for P690,000 a tract of land on which a warehouse and office building were located. The following data
On May 1, 2016, Lenny Corporation purchased for P690,000 a tract of land on which a warehouse and office building were located. The following data were collected concerning the property:
Current Assessed Valuation Vendor's Original cost
Land P280,000 P180,000
Warehouse 320,000 315,000
Office Building 200,000 129,000
P800,000 P624,000
Determine the appropriate amount that Lenny should charge to land.
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Advanced Financial Accounting
Authors: Richard Baker, Theodore Christensen, David Cottrell
9th edition
78110920, 978-0077899165, 77899164, 978-0077484255, 77484258, 978-0078110924
