Azubuike Ltd.purchased inventory, land, and a building for a lump-sum purchase price of $1,500,000 from a bankrupt competitor.Appraised values were as follows: inventory, $200,000; land $600,000; building, $1,200,000.The land should recorded as an asset on Azubuike's books for:

Question

Quizplus · Accepted Answer

The Answer of Azubuike Ltd.purchased inventory, land, and a building for a lump-sum purchase price of $1,500,000 from a bankrupt competitor.Appraised values were as follows: inventory, $200,000; land $600,000; building, $1,200,000.The land should recorded as an asset on Azubuike's books for: