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Compute what value should be allocated to the building

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Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

PP&E Element Amount

Land $15,000

Building $30,000

Equipment $50,000

Question 1: Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building?

Reference no: EM132585310

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