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Millburn Corporation has acquired a property that included both land and a building for $590,000. The corporation hired an appraiser who has determined that the fair value of the land is $340,000 and that of the building is $410,000. At what amount should the corporation record the cost of land? Round any intermediate calculations to two (2) decimal places, and the final answer to the nearest dollar. A. $295,000 B. $265,500 C. $153,000 D. $466,100

Millburn Corporation has acquired a property that included both land and a building for $590,000. The corporation hired an appraiser who has determined that the fair value of the land is $340,000 and that of the building is $410,000. At what amount should the corporation record the cost of land? Round any intermediate calculations to two (2) decimal places, and the final answer to the nearest dollar. A. $295,000 B. $265,500 C. $153,000 D. $466,100

FINANCIAL ACCOUNTING
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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Millburn Corporation has acquired a property that included both land and a building for $590,000. The corporation hired an appraiser who has determined that the fair value of the land is $340,000 and that of the building is $410,000. At what amount should the corporation record the cost of land? Round any intermediate calculations to two (2) decimal places, and the final answer to the nearest dollar. A. $295,000 B. $265,500 C. $153,000 D. $466,100
Transcribed Image Text:Millburn Corporation has acquired a property that included both land and a building for $590,000. The corporation hired an appraiser who has determined that the fair value of the land is $340,000 and that of the building is $410,000. At what amount should the corporation record the cost of land? Round any intermediate calculations to two (2) decimal places, and the final answer to the nearest dollar. A. $295,000 B. $265,500 C. $153,000 D. $466,100
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