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Determine the amounts Red Rock should record

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Problem - Red Rock Bakery purchases land, building, and equipment for a single purchase price of $200,000. However, the estimated fair values ofthe land, building, and equipment are $105,000, $180,000, and $15,000, respectively, for a total estimated fair value of $300,000. Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment.

Reference no: EM133031663

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