Reference no: EM132859040
Question 1: On November 5, 2020, BLUE Company purchased a land and a building for a lump-sum amount of ?5,500,000 from TEAL Corporation. The land was purchased by TEAL last October of 2005 for ?1,750,000, and the building was constructed on February of 2006 for ?4,000,000. The fair values of the land and building on the date of acquisition are ?1,100,000 and ?1,650,000, respectively. How much is allocated to land and building upon initial recognition of BLUE?
Option 1: LAND - ? 1,673,913; BUILDING = ?3,826,087
Option 2: LAND - ? 2,200,000; BUILDING = ?3,300,000
Option 3: LAND - ? 2,750,000; BUILDING = ?2,750,000
Option 4: LAND - ? 0; BUILDING = ? 5,500,000
Option 5: LAND - ? 2,750,000; BUILDING = ? 0
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