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The Timrod Company paid $500,000 to acquire land, buildings, and equipment. At the time of acquisition, the company paid $50,000 for an appraisal which revealed
The Timrod Company paid $500,000 to acquire land, buildings, and equipment. At the time of acquisition, the company paid $50,000 for an appraisal which revealed the following values: land, $150,000; buildings, $250,000; and equipment, $200,000. Required- What cost does the company assign to the land, the buildings, and the equipment, respectively
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