Smith Corporation purchased land and a building for $300,000. The appraised value of the land is $150,000 and the appraised value of the building is $250,000. What amount of the purchase price will be allocated to the land and what amount will be allocated to the building?

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The Answer of Smith Corporation purchased land and a building for $300,000. The appraised value of the land is $150,000 and the appraised value of the building is $250,000. What amount of the purchase price will be allocated to the land and what amount will be allocated to the building?

Smith Corporation Purchased Land and a Building for $300,000