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What amount would be allocated to the trucks account

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Question - Fallout Corp. purchased a bundle of assets at a bankruptcy auction for a single price of $7,900,000. An independent appraisal of the fair value of the assets is listed below:

Land $3,500,000

Building 2,890,000

Equipment 1,980,000

Trucks 7,900,000

Assuming that specific identification costs are impracticable and that Fallout Corp. allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Trucks Account?

a. $961,395.44

b. $7,900,000.00

c. $3,836,240.00

d. $7,900,100.00

Reference no: EM132432258

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