7) Apple Inc. purchased land, building, and equipment from Orange Inc. for a cash payment of...
7) Apple Inc. purchased land, building, and equipment from Orange Inc. for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. What is the total amount at which these three assets should be recorded?
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a. $315,000 |
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b. $360,000 |
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c. $315,000 |
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d. $300,000 |
Homework Answers
Option C is the answer
| As per the cost principle of accounting assets have to recorded at their cost. So the land building and equipment have to recorded at the value of 315,000 which is the cost paid for them |
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7) Apple Inc. purchased land, building, and equipment from
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