Crane Ltd. purchased a new warehouse. The warehouse had been listed for sale for $4.84 million, but Nordso was able to acquire it for $4,703,000. The bank, which was providing Crane with the financing for the purchase, required that an appraisal be completed of the property. The appraisal report came back with the following estimated market values: land $1,435,168, building $2,696,960, and land improvements $683,872. (a1) Allocate the purchase price to the land, building, and land improvements. (Round allocation percentage to 1 decimal place, e.g. 15.2% and final answers to O decimal places, e.g. 1,255,000.) Allocated Cost Land $ Building $ Land improvements $
Crane Ltd. purchased a new warehouse. The warehouse had been listed for sale for $4.84 million, but Nordso was able to acquire it for $4,703,000. The bank, which was providing Crane with the financing for the purchase, required that an appraisal be completed of the property. The appraisal report came back with the following estimated market values: land $1,435,168, building $2,696,960, and land improvements $683,872. (a1) Allocate the purchase price to the land, building, and land improvements. (Round allocation percentage to 1 decimal place, e.g. 15.2% and final answers to O decimal places, e.g. 1,255,000.) Allocated Cost Land $ Building $ Land improvements $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer must be in table format or i will give down vote
Transcribed Image Text:Crane Ltd. purchased a new warehouse. The warehouse had been listed for sale for $4.84 million, but Nordso was able to acquire it for
$4,703,000. The bank, which was providing Crane with the financing for the purchase, required that an appraisal be completed of the
property. The appraisal report came back with the following estimated market values: land $1,435,168, building $2,696,960, and land
improvements $683,872.
(a1)
Allocate the purchase price to the land, building, and land improvements. (Round allocation percentage to 1 decimal place, e.g. 15.2% and
final answers to O decimal places, e.g. 1,255,000.)
Allocated Cost
Land
$
Building
$
Land improvements
$
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