Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on april 1, renfro corporation purchased for $765,

On April 1, Renfro Corporation purchased for $765,000 a tract of land on which was...

50.1K

Verified Solution

Question

Accounting

On April 1, Renfro Corporation purchased for $765,000 a tract of land on which was located a warehouse and an office building. The following information is available concerning the property purchased: Current Market Value Land ....................... 300,000 Warehouse .................. 200,000 Office building ............ 400,000 What are the appropriate amounts that Renfro should record in its balance sheet as the cost of the land, warehouse, and office building, respectively?

Question 2 options:

A) land $300,000; warehouse $200,000; office building $400,000
B) land $345,000; warehouse $230,000; office building $460,000
C) land $255,000; warehouse $170,000; office building $340,000
D) land $255,000; warehouse $155,000; office building $355,000
E) land $273,214; warehouse $163,929; office building $327,857

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students