On January 1, 2021, Michaels Inc. purchases a used property at a cost of $4,200,000....
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On January 1, 2021, Michaels Inc. purchases a used property at a cost of $4,200,000. Of this amount, $375,000 represents the FMV of the land and $3,825,000 the value of the building. In order to encourage Michaels' move to this location, the local government has provided the company with assistance of $1,100,000 towards the purchase of the building. Michaels Inc. has a December 31 year end.
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