Question
Stevens Corp. purchased a warehouse, a fork lift truck and office furniture for a lump sum payment of $250,000. The estimated value of the assets
| Stevens Corp. purchased a warehouse, a fork lift truck and office furniture for a lump sum | ||||
| payment of $250,000. |
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| The estimated value of the assets are: |
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| Warehouse |
| 220,000 |
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| Fork-lift truck | 30,000 |
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| Furniture |
| 20,000 |
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| At what amount should each of the three assets be recorded? |
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Lumpsum
Warehouse:
Fork lift truck:
Furniture:
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Modern Auditing
Authors: William C. Boynton, Walter G. Kell, Raymond N. Johnson, Dr William Boynton
7th Edition
047118909X, 978-0471189091
