Crane Company purchased the assets of Blossom Company at an auction for $5000000. An independent appraisal...
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Crane Company purchased the assets of Blossom Company at an auction for $5000000. An independent appraisal of the fair value of the assets is listed below: Land Building Equipment Trucks $1750000 2750000 2000000 3000000 Assuming that specific identification costs are impracticable and that Crane allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Building? Crane Company purchased the assets of Blossom Company at an auction for $5000000. An independent appraisal of the fair value of the assets is listed below: Land Building Equipment Trucks $1750000 2750000 2000000 3000000 Assuming that specific identification costs are impracticable and that Crane allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Building?
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To allocate the purchase price of 5000000 to the various assets based on th... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118742976
16th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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