Current Attempt in Progress Swifty Inc. purchased land, building, and equipment from Laguna Corporation for a...

 

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Current Attempt in Progress Swifty Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $346,500. The estimated fair values of the assets are land $66,000, building $242,000, and equipment $88,000. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to O decimal places, e.g. 5,275.) Current Attempt in Progress Swifty Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $346,500. The estimated fair values of the assets are land $66,000, building $242,000, and equipment $88,000. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to O decimal places, e.g. 5,275.)

Answer rating: 100% (QA)

To allocate the total purchase price of 346500 among the land building and equipment based on their ... View the full answer