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Pinewood Company purchased two buildings on four acres of land. The...

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Accounting

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Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,100,000. According to independent appraisats, the fair values were $480,000 (building A ) and $300,000 (building B ) for the buildings and $420,000 for the land. Required: Determine the initial valuation of the buidings and the land

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