A company paid $595,000 for property that included land appraised at $384,000; land improvements appraised at $128,000; and a building appraised at $288,000.The plan is to use the building as a manufacturing plant.Determine the amounts that should be recorded as:
a) Land$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\$$$\underline{\quad\quad\quad\quad\quad\quad}$
b) Land Improvements$\quad $$\$$$\underline{\quad\quad\quad\quad\quad\quad}$
c) Building$\quad $$\quad $$\quad $$\quad $$\quad $$\$$$\underline{\quad\quad\quad\quad\quad\quad}$

Question

A company paid $595,000 for property that included land appraised at $384,000; land improvements appraised at $128,000; and a building appraised at $288,000.The plan is to use the building as a manufacturing plant.Determine the amounts that should be recorded as:
 a) Land$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\$$$\underline{\quad\quad\quad\quad\quad\quad}$
b) Land Improvements$\quad $$\$$$\underline{\quad\quad\quad\quad\quad\quad}$
c) Building$\quad $$\quad $$\quad $$\quad $$\quad $$\$$$\underline{\quad\quad\quad\quad\quad\quad}$

Quizplus · Accepted Answer

The Answer of A company paid $595,000 for property that included land appraised at $384,000; land improvements appraised at $128,000; and a building appraised at $288,000.The plan is to use the building as a manufacturing plant.Determine the amounts that should be recorded as:
 a) Land$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\$$$\underline{\quad\quad\quad\quad\quad\quad}$
b) Land Improvements$\quad $$\$$$\underline{\quad\quad\quad\quad\quad\quad}$
c) Building$\quad $$\quad $$\quad $$\quad $$\quad $$\$$$\underline{\quad\quad\quad\quad\quad\quad}$

A Company Paid $595,000 for Property That Included Land Appraised \quad

A Company Paid $595,000 for Property That Included Land Appraised $\quad$