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At what amount should Culver report the land

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Question - Culver Co. purchased for $2,244,000 property that included both land and a building to be used in operations. The seller's book value was $306,000 for the land and $918,000 for the building. By appraisal, the fair value was estimated to be $510,000 for the land and $2,040,000 for the building. At what amount should Culver report the land and the building at the end of the year?

Reference no: EM132848806

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