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Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of $3,000,000. The building was completely furnished. According
Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of $3,000,000. The building was completely furnished. According to independent appraisals, the fair values were $1.500,000, $2,500,000, and $1,000,000 for the building, land, and furniture and fixtures, respectively. The initial values of the building, land, and furniture and fixtures would be: a. b. Building Land Fixtures $1,500,000 $2,500,000 $1,000,000 $ 900,000 $1,500,000 $ 600,000 $1,500,000 $ 900,000 $ 600,000 None of these answer choices are correct. C. d. Multiple Choice Option C Option B Option D Option A
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