Question: Dorsey Co. has expanded its operations by purchasing a parcel of land with a building on it from Bibb Co. for $87,000. The appraised value

Dorsey Co. has expanded its operations by purchasing a parcel of land with a building on it from Bibb Co. for $87,000. The appraised value of the land is $28,000, and the appraised value of the building is $92,000. Assuming that the building is to be used in Dorsey Co.s business activities, what cost should be recorded for the land?

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