SportsWorld paid $140,000 for a property. The property included land appraised at $67,500, land improvements appraised at
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SportsWorld paid $140,000 for a property. The property included land appraised at $67,500, land improvements appraised at $25,000, and a building appraised at $55,500. What should be the allocation of costs in the accounting records (round calculations to 3 decimals)?
- -Land $62,000; land improvements, $23,800; building, $46,200.
- -Land $79,500; land improvements, $32,600; building, $47,700.
- -Land $87,500; land improvements; $35,000; building; $52,500.
- -Land $62,000; land improvements, $23,000; building, $45,000.
- -Land $63,840; land improvements, $23,660; building, $52,500.
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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