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Baldini's Restaurant purchased a new building with the surrounding land. The price paid was $1,200,000,...

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Accounting

Baldini's Restaurant purchased a new building with the surrounding land. The price paid was $1,200,000, including the commission charged on the sale. An appraisal of the land and building at the time of purchase indicated that the market value of the land was $1,000,000 and the market value of the building was $500,000. What amounts would be recorded for the purchase of the two assets

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