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Schwartzkopf Co. purchased for $2,396,000 property that included both land and a building to be used in operations. The sellers book value was $327,000 for
Schwartzkopf Co. purchased for $2,396,000 property that included both land and a building to be used in operations. The sellers book value was $327,000 for the land and $804,000 for the building. By appraisal, the fair value was estimated to be $826,355 for the land and $2,023,145 for the building. At what amount should Schwartzkopf report the land and the building at the end of the year?
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