On Jan. 1, Town Company purchased for P5,400,000, including appraiser fee of P50,000, a warehouse building and the land on which it is located. The following data were available concerning the property: Seller’s original cost Land - P1,400,000 Warehouse building - P2,800,000 Current appraised value Land - P2,000,000 Warehouse building - P3,000,000 What is the initial measurement of the land? What is the initial measurement of the warehouse building?
On Jan. 1, Town Company purchased for P5,400,000, including appraiser fee of P50,000, a warehouse building and the land on which it is located. The following data were available concerning the property: Seller’s original cost Land - P1,400,000 Warehouse building - P2,800,000 Current appraised value Land - P2,000,000 Warehouse building - P3,000,000 What is the initial measurement of the land? What is the initial measurement of the warehouse building?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On Jan. 1, Town Company purchased for P5,400,000, including appraiser fee of P50,000, a warehouse building and the land on which it is located. The following data were available concerning the property:
Seller’s original cost
Land - P1,400,000
Warehouse building - P2,800,000
Current appraised value
Land - P2,000,000
Warehouse building - P3,000,000
What is the initial measurement of the land?
What is the initial measurement of the warehouse building?
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