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What cost should purchasing company record each of assets

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Question 1: AFM Holdings Co. purchased 15 acres of land with an office building and warehouse on it for $2,000,000. The assets were appraised at: land $1,000,000, building $600,000, and warehouse $900,000. The assets were carried on the seller's books at: land $800,000, building $500,000, and warehouse $700,000. At what cost should the purchasing company record each of the assets?

   Land                         Building           Warehouse

a) $1,000,000         $600,000           $900,000

b) $800,000            $480,000             $720,000

c) $800,000            $500,000              $700,000

d) $1,000,000             $500,000            $500,000

Reference no: EM132517448

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