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Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,000,000....

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Accounting

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Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,000,000. According to independent appraisals, the fair values were $495,000 (building A) and $220,000 (building B) for the buildings and $385,000 for the land Required: Determine the initial valuation of the buildings and the land Asset Land Building A Building B Total

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