3. Shane Corporation purchased for $450,000 a tract of land on which was located a warehouse and an office building. The following data were collected concerning the property: Current Vendor's Original Cost $ 70,000 80,000 150,000 $300,000 Assessed Valuation $100,000 80,000 220.000 $400,000 Land Warehouse Office building What are the appropriate amounts that Shane should record for the land, warehouse, and office building, respectively?

3. Shane Corporation purchased for $450,000 a tract of land on which was located a warehouse and an office building. The following data were collected concerning the property: Current Vendor's Original Cost $ 70,000 80,000 150,000 $300,000 Assessed Valuation $100,000 80,000 220.000 $400,000 Land Warehouse Office building What are the appropriate amounts that Shane should record for the land, warehouse, and office building, respectively?

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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