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What amount must be allocated to land and building

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Question 1: On November 5, 2020, Rain Inc. bought a land and a building for a lump-sum amount of $5,500,000 from TH Company. The land was bought by TH Company last October 2005 for $1,750,000 while the building was constructed on February 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. What amount must be allocated to land and building upon initial recognition of Rain Inc.?

Reference no: EM132858835

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