Question: please explain in good detail why the correct answer is the correct answer. I need to understand for my final. Part IV: Chapters 10, 11,
Part IV: Chapters 10, 11, 12 1. On April 1, Mooney Corporation purchased for $1,624,500 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Asset Current Assessed Valuation Vendor's Original Cost Land $600,000 $560,000 Warehouse $400,000 N $360,000 Office building $800,000 $680,000 $1,800,000 $1,600,000 What are the appropriate amounts that Mooney should record for the land, warehouse, and office building, respectively? a. Land, $560,000; warehouse, $360,000; office building, $680,000. b. Land, $600,000; warehouse, $400,000; office building, $800,000. c. Land, $568,575; warehouse, $365,513; office building, $345,206. d. Land, $541,500; warehouse, $361,000; office building, $722,000. no ho building
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
