Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

PP&E Element	Amount
Land	$10,000
Building	35,000
Equipment	45,000

Bowie paid $65,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)

Answer rating: 100% (QA)

To allocate the purchase price among the land building and equipment we can use the ... View the full answer