On April 1, Mooney Corporation purchased for $1,624,500 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property:
What are the appropriate amounts that Mooney should record for the land, warehouse, and office building, respectively?
A) Land, $560,000; warehouse, $360,000; office building, $680,000.
B) Land, $600,000; warehouse, $400,000; office building, $800,000.
C) Land, $568,575; warehouse, $365,513; office building, $345,206.
D) Land, $541,500; warehouse, $361,000; office building, $722,000.
Correct Answer:
Verified
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