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What portion of payment is allocated to the milling machine

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Question - The Phineas and Lily Partnership bought a business for $500,000 on January 15. Included in the purchase price were business assets as follows: a certificate of deposit of $100,000, accounts receivable of $50,000, a truck with fair market value of $80,000, and a milling machine with a fair market value of $20,000 and an adjusted basis of $18,000. For depreciation purposes, what portion of the $500,000 lump-sum payment is allocated to the milling machine?

Reference no: EM132830354

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