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On April 1, Mooney Corporation purchased for $1,710,000 a tract of land on which was located a warehouse and office building. The following data were collected concerning the property:

Current Assessed Valuation Vendor's Original Cost
Land $600,000 $560,000
Warehouse 400,000 360,000
Office building 800,000 680,000
$1,800,000 $1,600,000

What are the appropriate amounts that Mooney should record for the land, warehouse, and office building, respectively?

A) Land, $600,000; warehouse, $400,000; office building, $800,000.

B) Land, $598,500; warehouse, $384,750; office building, $363,375.

C) Land, $560,000; warehouse, $360,000; office building, $680,000.

D) Land, $570,000; warehouse, $380,000; office building, $760,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M964535

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