Return to course Question 13 Answer saved Marked out of 9.00 P has question Allocation of Package Purchase Price Andrew Lupino went into business by purchasing a car lubrication consisting station of land, a building, and equipment. The seller's original asking price was $220,000. Lupino hired an appraiser for $2,000 to appraise the assets. The appraised valuations were: Property Assessed Value Land $38,000 Building 95,000 Equipment 57.000 Total $190.000 After receiving the appraisal, Lupino offered $175,000 for the business. The seller refused this offer. Lupino then offered $186,000 for the business, which the seller accepted. Using the appraisal values as a guide, allocate the total purchase price of the car lubrication station to the Land, Building, and Equipment accounts. Allocation of Asset Purchase Price Land Building 0 Equipment Total S 0 0 $ Next >