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Simpson and Homer Corporation acquired an office bullding on three acres of land for a...

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Accounting

Simpson and Homer Corporation acquired an office bullding on three acres of land for a lump-sum price of $3,000,000. The building was completely furnished. According to independent appraisals, the fair values were $1,500,000,$2,500,000, and $1,000,000 for the building, land, and furniture and fixtures, respectively. The initial values of the bullding, land, and furniture and fixtures would be:
\table[[,Building,Land,Fixtures],[a.,$1,500,000,$2,500,000,$1,000,000
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