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A company purchased land with a building for a lump-sum cost of $2,300,000 plus paid...

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Accounting

A company purchased land with a building for a lump-sum cost of $2,300,000 plus paid $170,000 in settlement costs. It was estimated that the land and building had appraised market values of $620,000 and $2,200,000, respectively. Determine the cost to be apportioned to the land and to the building and prepare the journal entry to record the acquisition

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