1.A company acquired an office building on three acres of land for a lump-sum price of $2,900,000. The building was completely equipped. According to independent appraisals, the fair values were $1,840,000, $1,380,000, and $1,380,000 for the building, land, and equipment, respectively. At what amount would the company record the building?

A company purchased land, a building, and equipment for one price of $1,550,000. The estimated fair values of the land, building, and equipment are $193,750, $1,356,250, and $387,500, respectively. At what amount would the company record the land? 

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Answer rating: 100% (QA)

The company should record the building at 1840000 which is its fair value according ... View the full answer