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
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 1SEB
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![Allocation of Package Purchase Price
Tamarack 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
$126,000
456,000
318,000
$900,000
Land
Building
Machinery
Total
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 records.
Do not round until your final answers. Round answers to the nearest dollar.
Allocation of
Asset Purchase Price
Land
Building
Machinery
Total
$
$
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3537a5bf-9ba4-4d46-9d69-9809ffbc0823%2F5c541553-2cf9-4523-aa3e-d1177c682411%2F9dbo1bf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Allocation of Package Purchase Price
Tamarack 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
$126,000
456,000
318,000
$900,000
Land
Building
Machinery
Total
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 records.
Do not round until your final answers. Round answers to the nearest dollar.
Allocation of
Asset Purchase Price
Land
Building
Machinery
Total
$
$
0
0
0
0
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