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How much will be assigned to the land

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Problem 1: On December 10, 2020, the company purchased some land with a building (they plan to move into the building) for $350,000 cash. The fair market value, as assessed by a property inspector, was $500,000 in total with $300,000 assigned to the land and $200,000 to the building. When recording this purchase in the financial statements how much will be assigned to the land?

Reference no: EM132794958

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