1. A company pays $4,500,000 for a building, land, and equipment. Based on an appraisal, theland was appraised at $1,632,000; the building $3,422,000; and the equipment at $746,000.How much should the company allocate to the land, building, and equipment?For questions 2-4, use the following information. A company is disposing of an asset with a cost of$74,000 and associated accumulated depreciation of $69,000.2. Write the entry if the company trades the asset for a new asset with a cost of $82,000 and thedealer provides a $7,000 trade-in.

It's crucial to base the cost allocations for the assets a corporation purchases on their individual…

1. A company pays $4,500,000 for a building, land, and equipment. Based on an appraisal, the land was appraised at $1,632,000; the building $3,422,000; and the equipment at $746,000. How much should the company allocate to the land, building, and equipment?

1. A company pays $4,500,000 for a building, land, and equipment. Based on an appraisal, the land was appraised at $1,632,000; the building $3,422,000; and the equipment at $746,000. How much should the company allocate to the land, building, and equipment?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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