Problembenton corporation acquired real estate that, Ask an Expert

Accounting

Problem:

Benton Corporation acquired real estate that contained land, building and equipment. The property cost Benton $859,000. Benton paid $192,000 in cash and issued a Note Payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $102,000; Building, $642,000; and Equipment, $267,000.

Required:

Question: What value will be recorded for the building?

Note: Please show basic calculation.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91167608

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