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Record the purchase of the assets on the books of cullumber

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Reference no: EM133150238

Question - Cullumber Inc. purchased land, a building, and land improvements from Kingswood Corporation for a cash payment of $450,000. The assets were on the books of Kingswood for the following amounts: Land: $36,000, Building cost $321,600 less Accumulated Depreciation of $67,000, and Land Improvements cost $27,000 less Accumulated Depreciation of $9,000. The assets' appraised values at the date of purchase are Land $140,070, Building $284,970, and Land Improvements $57,960. Record the purchase of the assets on the books of Cullumber.

Reference no: EM133150238

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