Answered

Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Our Q&A platform provides quick and trustworthy answers to your questions from experienced professionals in different areas of expertise. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $60,000; the land at $46,600, and the parking lot at $18,400. Land should be recorded in the accounting records with an allocated cost of

Sagot :

Zviko

Answer:

$37,280

Explanation:

We use the appraised values to apportion the Purchase Cost of the Property to determine the Cost of Land as follows :

Land Cost = $46,600 / $125,000 x $100,000

                  = $37,280

Land should be recorded in the accounting records with an allocated cost of $37,280.

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.