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  3. on 10/15/2022, punctual transporters, which operat

On 10/15/2022, Punctual Transporters, which operates a calendar year, was offered a package of assets...

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Accounting

On 10/15/2022, Punctual Transporters, which operates a calendar year, was offered a package of assets from LMK Travelers that was in liquidation. The items acquired were:
Item Cost in Seller's Books Expert Valuation
Land $310,000 $325,000
Building 650,000830,000
Equipment 215,000185,000
On 10/20/2022, the purchase of the package was agreed for $1,500,000 cash. Punctual Transporters sought expert valuation of the above assets and received the above estimates on 10/22/2022. The price of the acquired assets was paid and recorded on 10/25/2022.
Required: a). Record the costs of the acquired assets in the books of Punctual Transportation.

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