SportsWorld purchased property for $100,000.The property included a building,parking lot,and land.The building was appraised at $65,000; the land at $40,000; and the parking lot at $10,000.To the nearest dollar,the value of the land to be recorded in the books should be

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Quizplus · Accepted Answer

The total appraised value is $65,000 + $40,000 + $10,000 = $115,000. The land's proportion is $40,000 / $115,000 = 34.78%. Applying this percentage to the purchase price: 34.78% of $100,000 = $34,783 (rounded to the nearest dollar).

SportsWorld Purchased Property for $100,000