What is the acquisition cost of each asset

Assignment Help Financial Accounting

Reference no: EM131260912

Lump-Sum Purchase

To add to his growing chain of grocery stores, on January 1, 2016, Danny Marks bought a grocery store of a small competitor for $520,000. An appraiser, hired to assess the acquired assets' values, determined that the land, building, and equipment had market values of $200,000, $150,000, and $250,000, respectively.

Required:

1. What is the acquisition cost of each asset? Do not round intermediate calculations. If required, round your final answers to the nearest dollar.

Land

Building

Equipment

Reference no: EM131260912

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