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Comet Incorporated purchased a building and the land on which the building is situated for...

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Accounting

Comet Incorporated purchased a building and the land on which the building is situated for a total cost of $831,800 cash. The land was appraised at $191,314 and the building at $765,256. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model.

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