Stellar Carpets Inc. made a lump-sum purchase of several assets for a total price of $123,000....
Stellar Carpets Inc. made a lump-sum purchase of several assets
for a total price of $123,000. The assets purchased are as
follows:
| Book Value | Fair Value | |||
| Building | $50,800 | $66,500 | ||
| Land | 42,600 | 47,200 | ||
| Machinery | 24,900 | 19,700 | ||
| $118,300 | $133,400 |
At what amount should each of the three assets be recorded?
Homework Answers
amount shall be allocated on the basis of fair value of the assets:
| asset | working | amount at which asset is recorded |
| building | (66,500/133,400)*123,000 | 61,315.59 |
| land | (47,200/133,400)*123,000 | 43,520.24 |
| machinery | (19,700/133,400)*123,000 | 18,164.17 |
| Total | $123,000 |
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