Marketing Consultants Corporation obtained a building, its surrounding land, and a computer system in a lump-sum purchase

Question:

Marketing Consultants Corporation obtained a building, its surrounding land, and a computer system in a lump-sum purchase for $375,000. An appraisal set the value of land at $189,000, the building at $126,000, and the computer system at $105,000. At what amount should Marketing Consultants record each new asset on its books?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...