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Agata [3.3K]
3 years ago
15

purchased equipment, a building, and land for one price of $6,050,500. The estimated fair values of the equipment, building, and

land are $1,000,000, $7,000,000, and $2,000,000, respectively. At what amount would the company record the building
Business
1 answer:
otez555 [7]3 years ago
7 0

Answer:

the amount that the company would  record the building is $ 4,235,350

Explanation:

Because the Assets (Equipment, Building and Land) purchased will be depreciated diferently, there is need to allocate the purchase cost to the respective assets.

<u>Fair Values are used to Apportion cost of Assets as follows :</u>

<em>Equipment</em>

1,000,000/ 10,000,000 × $6,050,500 =  $605,050

<em>Buildings</em>

7,000,000/ 10,000,000 × $6,050,500 = $ 4,235,350

<em>Land</em>

2,000,000/ 10,000,000 × $6,050,500 = $1,210,100

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