Ventura Services purchased land, a warehouse, and office furniture for $2,000,000 total. The appraised values are: • Land: $900,000 • Warehouse: $850,000 • Furniture: $250,000 How much is allocated to land?

Ventura Services purchased land, a warehouse, and office furniture for $2,000,000 total. The appraised values are: • Land: $900,000 • Warehouse: $850,000 • Furniture: $250,000 How much is allocated to land?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 3RE: Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is...

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Please explain the solution to this general accounting problem with accurate explanations.

Ventura Services purchased land, a warehouse, and office furniture for
$2,000,000 total. The appraised values are:
•
Land: $900,000
•
Warehouse: $850,000
•
Furniture: $250,000
How much is allocated to land?

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