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Calculate the costs to be allocated to the land

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Question - Columbia Investments purchased land with a building for a total cost of $2,570,000 ($500,000 paid in cash and the balance on a long-term note). It was estimated that the land and building had market values of $900,000 and $2,100,000, respectively.

Calculate the costs to be allocated to the land and the building and prepare the appropriate journal entry to record the acquisition.

Reference no: EM132848951

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