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What are the appropriate amounts that rey should record

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On April 1, Rey Coorporation purchased for P855,000 a tract of land on which was located a warehouse and office building. The following data were collected concerning the property:

                                           Current Assessed Valuation                Vendor's Original Cost
Land                            P300,000                                         P280,000
Warehouse                   200,000                                           180,000
Office Building              400,000                                          340,000
                                 P 900,000                                          P 800,000

Problem 1: What are the appropriate amounts that Rey should record for the land, warehouse, and office building, respectively?

Reference no: EM132829533

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