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Sheridan Manufacturing purchased a new building with the surrounding land. The price paid was $2,400,000,...

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Accounting

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Sheridan Manufacturing purchased a new building with the surrounding land. The price paid was $2,400,000, including the commission charged on the sale. An appraisal of the land and building at the time of purchase indicated that the market value of the land was $2,000,000 and the market value of the building was $1,000,000. What amounts would be recorded for the purchase of the two assets? Multiple Choice Land $2,000,000. Building $1,000,000 O Land $1.600.000, Building $800,000 O Land $2.000.000. Building S400.000 O Land $1,400,000. Building $1,000,000 O A company sells equipment for $450,000 when the book value of the equipment is $400,000. The company would record the extra $50,000 as: Multiple Choice c ) a loss, decreasing net income and stockholders' equity. expenses, decreasing net income and stockholders' equity a gain, increasing net income and stockholders' equity revenue, increasing net income and stockholders' equity

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