Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. a. You paid $360,000 cash to acquire a group of items consisting of land appraised at $120,000, land improvementsappraised at $40,000, and a building appraised at $240,000. The $360,000 cost will be allocated on the basis of appraised valuesindicate both apportioned cost as well as appraised values in the tabular format.Ans: Follow the tabular format to represent both the valuesAssetAppraisedPercentage Apportioned costof the totalvalue1.LandLandimprovementBuildingTotal

Answered: 1. a. You paid $360,000 cash to acquire…

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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Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

a. You paid $360,000 cash to acquire a group of items consisting of land appraised at $120,000, land improvements
appraised at $40,000, and a building appraised at $240,000. The $360,000 cost will be allocated on the basis of appraised values
indicate both apportioned cost as well as appraised values in the tabular format.
Ans: Follow the tabular format to represent both the values
Asset
Appraised
Percentage Apportioned cost
of the total
value
1.
Land
Land
improvement
Building
Total

Expert Solution

Step 1: Introduction

The fixed assets are the assets that are used for long term into the business. The total cash paid to acquire different assets is allocated to different assets on the basis of the appraised value of the assets.

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