Q5 The Claxton Company acquired an office building on three acres of land for a lump-sum price of $2,800,000. The building was completely furnished. According to independent appraisals, the fair values were $1,680,000, $2,100,000, and $420,000 for the building, land, and furniture and fixtures, respectively. The initial values of the building, land, and furniture and fixtures would be: Building Land Fixtures a. $ 1,680,000 $ 2,100,000 $ 420,000 b. $ 1,120,000 $ 1,400,000 $ 280,000 c. $ 1,400,000 $ 1,120,000 $ 280,000 d. None of these answer choices are correct. rev: 11_23_2019_QC_CS-191879

Multiple Choice Option C Option B Option D Option A