Allocation of Package Purchase PriceTamarack Company purchased a plant from one of its suppliers. The $1,000,000 purchase price included the land, a building, and factory machinery. Tamarack also paid$6,000 in legal fees to negotiate the purchase of the plant. An appraisal showed the following values for the items purchased:Property Assessed Value$126,000456,000318,000$900,000LandBuildingMachineryTotalUsing the assessed value as a guide, allocate the total purchase price of the plant to the land, building, and machinery accounts in Tamarack Company's records.Do not round until your final answers. Round answers to the nearest dollar.Allocation ofAsset Purchase PriceLandBuildingMachineryTotal$$0000

Introduction:- Cost of fixed assets includes purchase price and any other costs incurred to bring…

amarack Company purchased a plant from one of its suppliers. The $1,000,000 purchase price included the land, a building, and factory machinery. Tama 6,000 in legal fees to negotiate the purchase of the plant. An appraisal showed the following values for the items purchased: Property Assessed Value Land $126,000 Building 456,000 Machinery 318,000 Total $900,000 Using the assessed value as a guide, allocate the total purchase price of the plant to the land, building, and machinery accounts in Tamarack Company's re Do not round until your final answers. Round answers to the nearest dollar. Asset Land Building Allocation of Purchase Price 0 0

amarack Company purchased a plant from one of its suppliers. The $1,000,000 purchase price included the land, a building, and factory machinery. Tama 6,000 in legal fees to negotiate the purchase of the plant. An appraisal showed the following values for the items purchased: Property Assessed Value Land $126,000 Building 456,000 Machinery 318,000 Total $900,000 Using the assessed value as a guide, allocate the total purchase price of the plant to the land, building, and machinery accounts in Tamarack Company's re Do not round until your final answers. Round answers to the nearest dollar. Asset Land Building Allocation of Purchase Price 0 0

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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