1. On April 12, 2017, Prism Ltd., a camera lens manufacturer, paid cash of $552,375 for real estate plus $20,400 cash in closing costs. The real estate included land appraised at $240,480, land improvements appraised at $83,100, and a building appraised at $261,300. Allocate the total cost of the three purchased assets.

                                                                                                                                                                                                   

	Appraised Value	Percent of Total	Apportioned Cost
Real Estate
Land Improvements
Building
Total

Answer rating: 100% (QA)

Total Actual Cost Cash paid for Real estate Closing Costs 552375 294... View the full answer