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Question - Sheridan Company purchased the assets of Pharoah Company at an auction for $5380000. An independent appraisal of the fair value of the assets is listed below:
Land $1860000
Building 2850000
Equipment 2020000
Trucks 3230000
Assuming that specific identification costs are impracticable and that Sheridan allocates the purchase price on the basis of the relative fair values, what amount should be allocated to the Trucks?
a. $1744719
b. $3189000
c. $1539458
d. $2850000
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