On May 7, 2014, Shane Corporation purchased land containing a warehouse and office building for $450,000.The following
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On May 7, 2014, Shane Corporation purchased land containing a warehouse and office building for $450,000. The following data about the property was collected:
Actual | Sellers | |
court | Original | |
Valuation | Cost | |
Tierra | $100,000 | $ 70,000 |
Deposit | 80.000 | 80.000 |
Office building | 220,000 | 150.000 |
$400,000 | $300,000 |
What are the appropriate amounts that Shane should record for the land, warehouse, and office building, respectively?
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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