Carla Vista Farms purchased real estate for $1,200,000, which included $4,900 in legal fees. It paid...

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Carla Vista Farms purchased real estate for $1,200,000, which included $4,900 in legal fees. It paid $254,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $483,120, a building appraised at $738,100, and fences and other land improvements appraised at $120,780. The building has an estimated useful life of 60 years and a $51,000 residual value. Land improvements have an estimated 15-year useful life and no residual value. (a) * Your answer is incorrect. Calculate the cost that should be allocated to each asset purchased. Land Building Land Improvements LA LA 885240.495 93449.3816 221310.124 Carla Vista Farms purchased real estate for $1,200,000, which included $4,900 in legal fees. It paid $254,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $483,120, a building appraised at $738,100, and fences and other land improvements appraised at $120,780. The building has an estimated useful life of 60 years and a $51,000 residual value. Land improvements have an estimated 15-year useful life and no residual value. (a) * Your answer is incorrect. Calculate the cost that should be allocated to each asset purchased. Land Building Land Improvements LA LA 885240.495 93449.3816 221310.124

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Answer Land 483120 Building 738100 Land Improvements 120780 Explanation L... View the full answer