Old MacDonald Corporation purchased for $440,000 land and a building that will be used in farming operations. The appraised value of the land is $150,000 and the appraised value of the building is $350,000. 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 Old MacDonald Corporation purchased for $440,000 land and a building that will be used in farming operations. The appraised value of the land is $150,000 and the appraised value of the building is $350,000. What amount of the purchase price will be allocated to the land and what amount will be allocated to the building?

Old MacDonald Corporation Purchased for $440,000 Land and a Building