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What amount should Quick report as the cost of the building

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Question - Quick Co. acquired the following assets from a liquidating competitor for a $200,000 lump-sum purchase price:

 

Competitor's carrying amount

Fair value

Inventory

$70,000

$50,000

Land

40,000

50,000

Building

110,000

150,000

 

$220,000

$250,000

Required - What amount should Quick report as the cost of the building?

a. $150,000

b. $200,000

c. $100,000

d. $120,000

Reference no: EM132834218

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