Mid-Century Corporation purchased land, a building, and equipment together for $640,000. The estimated fair values of...

Transcribed Image Text:

Mid-Century Corporation purchased land, a building, and equipment together for $640,000. The estimated fair values of the individual assets are as follows: Asset Estimated Fair Value Land $ 80,000 Building Equipment Total $560,000 $160,000 $ 800,000 At what amount would the company record the equipment? Mid-Century Corporation purchased land, a building, and equipment together for $640,000. The estimated fair values of the individual assets are as follows: Asset Estimated Fair Value Land $ 80,000 Building Equipment Total $560,000 $160,000 $ 800,000 At what amount would the company record the equipment?