On April 1, Oriole Company purchased for $1548000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $610000 $560000 Warehouse 390000 360000 Office building 800000 684000 $1800000 $1604000 What are the appropriate amounts that Oriole should record for the land, warehouse, and office building, respectively?
On April 1, Oriole Company purchased for $1548000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $610000 $560000 Warehouse 390000 360000 Office building 800000 684000 $1800000 $1604000 What are the appropriate amounts that Oriole should record for the land, warehouse, and office building, respectively?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On April 1, Oriole Company purchased for $1548000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property:
| Current Assessed Valuation | Vendor's Original Cost | |||||||
| Land | $610000 | $560000 | ||||||
| Warehouse | 390000 | 360000 | ||||||
| Office building | 800000 | 684000 | ||||||
| $1800000 | $1604000 |
What are the appropriate amounts that Oriole should record for the land, warehouse, and office building, respectively?
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