Bonita Co. purchased for $2,112,000 property that included both land in a building to be used in
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Question:
Bonita Co. purchased for $2,112,000 property that included both land in a building to be used in operations. The sellers book value was $288,000 for the land and $864,000 for the building. By appraisal, the fair value was estimated to be $480,000 for the land and $1,920,000 for the building. at what amount should Bonita report the land and the building at the end of the year? (do not round intermediate calculations and final answers to zero decimal places e.g. 58,971.)
Need the answer to cost allocated to land and need the answer to cost allocated to building.
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