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S7-2 (Learning Objective 1: Measure and record the cost of individual assets in a lump-sum...

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Accounting

S7-2

(Learning Objective 1: Measure and record the cost of individual assets in a lump-sum purchase of assets) Advanced Automotive pays $210,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $66,000, the building

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