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Fair Market, Inc. purchased land, a warehouse, and a delivery truck for $450,000. The appraised...

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Accounting

Fair Market, Inc. purchased land, a warehouse, and a delivery truck for $450,000. The appraised values for the items are $300,000, $150,000 and $50,000, respectively.
Fair Market should record this purchase ________.
ANSWER
as assets on the balance sheet: $300,000 for the land, $150,000 for the building and $50,000 for the delivery truck
as an expense of $450,000 on the income statement
as assets on the balance sheet: $270,000 for the land, $135,000 for the building, and $45,000 for the delivery truck
as assets on the balance sheet: $500,000 for the basket purchase minus $50,000 accumulated depreciation

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