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Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $2,800,000. According to independent appraisals, the fair values were $1,305,000
Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $2,800,000. According to independent appraisals, the fair values were $1,305,000 (building A) and $725,000 (building B) for the buildings and $870,000 for the land. Required: Determine the initial valuation of the buildings and the land. (Complete the chart).
Asset | Initial Valuation |
Land | ? |
Building A | ? |
Building B | ? |
Total | ? |
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