Question
Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of $2,450,000. 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 $2,450,000. The building was completely furnished. According to independent appraisals, the fair values were $840,000, $840,000, and $1,120,000 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. | $ | 840,000 | $ | 840,000 | $ | 1,120,000 | |||||
| b. | $ | 735,000 | $ | 735,000 | $ | 980,000 | |||||
| c. | $ | 735,000 | $ | 735,000 | $ | 980,000 | |||||
| d. | None of these answer choices are correct. | ||||||||||
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Auditing IT Infrastructures For Compliance
Authors: Martin Weiss
1st Edition
0763791814, 978-0763791810
