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On May 1, 2014 Abiuso Corporation purchased for 790,000 a tract of land on which a warehouse and office building were located. The following data were collected concerning the property:
Current Assessed Valuation Vendors Original Cost
Land - 225,000 190,000
warehouse - 315,000 350,000
office building - 360,000 145,000
Total - 900,000 685,000
Determine the appropriate amounts that Abiuso should record for the land, warehouse and office building.
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from the balance sheetcash.............................................................30000 accounts
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