Answer:
The recorded value of land, building, and the equipment is $77,700, $284,900, and $103,600 respectively.
Explanation:
The steps to compute the recorded amount is shown below:
1. First compute the total fair value of the assets:
= land + building + equipment
= $88,800 + $325,600 + $118,400
= $532,800
2. Now the recorded amount will be equal to
For land = (Fair value of land ÷ total fair value of the assets) × total payment made
= ($88,800 ÷ $532,800) × $466,200
= $77,700
For building = (Fair value of building ÷ total fair value of the assets) × total payment made
= ($325,600 ÷ $532,800) × $466,200
= $284,900
For equipment = (Fair value of equipment ÷ total fair value of the assets) × total payment made
= ($118,400 ÷ $532,800) × $466,200
= $103,600
