Perry Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $825,000. At the time of acquisition, Perry paid $30,000 to have the assets appraised. The appraisal disclosed the following values: Land $480,000 Buildings $384,000 Equipment $96,000 What cost should be assigned to the land, buildings, and equipment

Perry Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $825,000. At the time of acquisition, Perry paid $30,000 to have the assets appraised. The appraisal disclosed the following values: Land $480,000 Buildings $384,000 Equipment $96,000 What cost should be assigned to the land, buildings, and equipment

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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