Get correct answer general accounting Riverwalk Company acquired assets from Sunset Corp for $625,000cash. The estimated fair values of the assets are: land $150,000,building $400,000, and equipment $200,000. At what amountsshould each of the three assets be recorded?

Total Fair Value: $150,000 + $400,000 + $200,000 = $750,000Land:Allocation Percentage=Fair Value of…

Answered: Riverwalk Company acquired assets from…

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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Riverwalk Company acquired assets from Sunset Corp for $625,000 cash. The estimated fair values of the assets are: land $150,000, building $400,000, and equipment $200,000. At what amounts should each of the three assets be recorded?