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ABC Co. purchased land with a newly constructed building on it. The contract price was...

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Accounting

ABC Co. purchased land with a newly constructed building on it. The contract price was $490,000. The appraisal indicated that, valued separately, the land was worth $260,000 and the building was worth $240,000. At what amount should the land be recorded in the accounting records?

a. $235,200. b. $260,000. c. $245,000. d. $254,800.

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