Question: Zinski Co. paid $150,000 for a purchase that included land, building, and office furniture. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Land, $20,000, Building, $150,000, and Office furniture, $30,000. Based on this information the cost that would be allocated to the land is

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 3PA: During the current year, Alanna Co. had the following transactions pertaining to its new office...
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Zinski Co. paid $150,000 for a purchase that included
land, building, and office furniture. An appraiser
provided the following estimates of the market values of
the assets if they had been purchased separately: Land,
$20,000, Building, $150,000, and Office furniture,
$30,000. Based on this information the cost that would be
allocated to the land is
Transcribed Image Text:Question: Zinski Co. paid $150,000 for a purchase that included land, building, and office furniture. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Land, $20,000, Building, $150,000, and Office furniture, $30,000. Based on this information the cost that would be allocated to the land is
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