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Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was exist2, 700,000. According to independent appraisals, the fair values were
Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was exist2, 700,000. According to independent appraisals, the fair values were exist1, 260,000 (building A) and exist560,000 (building B) for the buildings and exist980,000 for the land. Required: Determine the initial valuation of the buildings and the land
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