A group of assets including land, a building, and equipment were purchased for $1,000,000. The estimated market value of the assets include the following: Land 400,000, building 500,000, and equipment 300,000. Calculate the purchase price allocation for each of the assets. *Round your allocation percentage to the nearest decimal. Land 340,000 Building 420,000 Equipment 250,000 Land 400,000 Building 500,000 Equipment 300,000 Land 333,333 Building 333,333 Equipment 333,334 Land 250,000 Building 400,000 Equipment 350,000

A group of assets including land, a building, and equipment were purchased for $1,000,000. The estimated market value of the assets include the following: Land 400,000, building 500,000, and equipment 300,000. Calculate the purchase price allocation for each of the assets. *Round your allocation percentage to the nearest decimal. Land 340,000 Building 420,000 Equipment 250,000 Land 400,000 Building 500,000 Equipment 300,000 Land 333,333 Building 333,333 Equipment 333,334 Land 250,000 Building 400,000 Equipment 350,000

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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