Allocation of Package Purchase Price Tamock Company purchased a plant from one of its suppliers....
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Allocation of Package Purchase Price Tamock Company purchased a plant from one of its suppliers. The $965.000 purchase price included the land, a building and factory machinery. Tamock also paid 55.000 in legal fees to negotiate the purchase of the plant. An appraisal showed the following values for the items purchased: Property Assessed Value Land $126.000 Building 486.000 Machinery 22000 Total 900.000 Using the assessed value as a guide, allocate the total purchase price of the plant to the land, building and machinery accounts in Tamock Company's records Allocation of Asset Purchase Price Land 133,700 N Building 515,700 X Machinery 305.600 X Total
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