1. 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 Land Land improvement Building Total Appraised value Percentage Apportioned cost of the total

1. 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 Land Land improvement Building Total Appraised value Percentage Apportioned cost of the total

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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