Land and a warehouse were acquired for $860,000. What amounts should be recorded in the accounting records
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Question:
Land and a warehouse were acquired for $860,000. What amounts should be recorded in the accounting records for the land and for the warehouse if an appraisal showed the estimated values to be $520,000 for the land and $850,000 for the warehouse? (Round intermediate percentage calculations to 1 decimal place.)
Multiple Choice
$520,000 for land; $860,000 for warehouse.
$520,000 for land; $850,000 for warehouse.
$10,000 for land; $850,000 for warehouse.
$326,800 for land; $533,200 for warehouse.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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