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What value should be allocated to building for bowie company

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Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

PP&E          Element Amount

Land           $10,000

Buildings        35,000

Equipment      50,000

Problem 1: Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)

Reference no: EM132654514

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