The Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of acquisition, the

Question:

The Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of acquisition, the company paid $20,000 for an appraisal, which revealed the following values: land, $100,000; buildings, $125,000; and equipment, $25,000.

Required

What cost does the company assign to the land, buildings, and equipment, respectively?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...