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Delvig [45]
3 years ago
12

Laramie Corporation has acquired a property that included both land and a building for $ 570 comma 000. The corporation hired an

appraiser who has determined that the market value of the land is $ 370 comma 000 and that of the building is $ 400 comma 000. At what amount should the corporation record the cost of the​ building? (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest​ dollar.)
Business
1 answer:
Eddi Din [679]3 years ago
4 0

Answer:

$296,115

Explanation:

Total market value of land and building:

= Market value of land + Market value of building

= $370,000 + $400,000

= $770,000

Percentage of land in total market value:

= Market value of Building ÷ Total market value of land and building

= $400,000 ÷ $770,000

= 51.95%

Value of building:

= $570,000 × 51.95%

= $296,115

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