Warbler Corporation purchased land, a building, and equipment for a total cost of $625,000. After the purchase,

Question:

Warbler Corporation purchased land, a building, and equipment for a total cost of $625,000. After the purchase, the property was appraised. Fair values were determined to be $245,000 for the land, $350,000 for the building, and $105,000 for the equipment. Given these appraisals, record the purchase of the property by Warbler.

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...