Kingbird Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $447,300. The estimated fair values of the assets are land $85,200, building $312,400, and equipment $113,600. At what amounts should each of the three assets be recorded? (Do not round intermediate calculations and round final answers to 0 decimal places e.g. 58,971.)
Kingbird Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $447,300. The estimated fair values of the assets are land $85,200, building $312,400, and equipment $113,600. At what amounts should each of the three assets be recorded? (Do not round intermediate calculations and round final answers to 0 decimal places e.g. 58,971.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kingbird Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $447,300. The estimated fair
values of the assets are land $85,200, building $312,400, and equipment $113,600. At what amounts should each of the three assets
be recorded? (Do not round intermediate calculations and round final answers to O decimal places e.g. 58,971.)
Land
Building
LA
LA
Equipment $
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The solutions were all incorrect. Could you please recalculate for me and send the revised answers for land, building, and equipment. Thank you.
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