Sheridan Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $441,000. The estimated fair values of the assets are land $84,000, building $308,000, and equipment $112,000. At what amounts should each of the three assets be recorded? (Round intermediate percentage calculations to 5 decimal places e.g. 18.25124 and final answers to 0 decimal places, e.g. 5,275.)
Total estimated fair values of assets
= 84,000+308,000+112,000 = 504,000
Land (84,000/504,000)*441,000 | 73,500 |
Building (308,000/504,000)*441,000 | 269,500 |
Equipment (112,000/504,000)*441,000 | 97,9999 |
Please note that I have rounded some numbers as per question.
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Sheridan Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $441,000....
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