A company paid 770000 plus 5000 in closing costs for, Ask an Expert

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A company paid $770,000 plus $5,000 in closing costs for property that included land appraised at $384,000; land improvements appraised at $128,000; and a building appraised at $288,000. The plan is to use the building as a manufacturing plant. Determine the amounts that should be recorded as:

(a) Land

(b) Land Improvements

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M968031

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