6.1 Basket Purchase Allocation. Minott Jewelers, Ltd., purchased store fixtures, display cases, and a amaximum...
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Accounting
6.1 Basket Purchase Allocation.
Minott Jewelers, Ltd., purchased store fixtures, display cases, and a amaximum security commercial safe for a lump sum price of 14,000 from a bankruptcy competitor. Appraised values were as follows: store fixtures, $6,000: display cases, $9,000: commercial safe, $5, 000.
What cost should be recorded for the commercial safe?
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