E 9-2A. Allocation of Package Purchase Price ...
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Accounting
| E 9-2A. | Allocation of Package Purchase Price | |||||||||||||
| Tamock Company purchased a plant from one of its suppliers. The $950,000 purchase price included the land, building, and factory machinery. Tamock also paid $6,000 in legal fees to negotiate the purchase of the plant. An appraisal showed the following values for the items purchased: | ||||||||||||||
| Property | Assessed Value | Percentage of Fair Value | Account Value | |||||||||||
| Land.. | $126,000 | |||||||||||||
| Building. | 456,000 | |||||||||||||
| Machinery | 318,000 | |||||||||||||
| Total.. | 900,000 | 100% | ||||||||||||
| 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. | ||||||||||||||
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