wMU-Central Authenticatio w Look Up Classes w Register Your iClicker M Chapter 7

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wMU-Central Authenticatio w Look Up Classes w Register Your iClicker M Chapter 7 Homework x M Check Your Work × C ezto.mheducation.com/hm.tpx Question 2 (of 6) Save & Exit Submit 2.00 points Red Rock Bakery purchases land, building, and equipment for a single purchase price of $400,000. However, the estimated fair values of the land, building, and equipment are $150,000 $300,000, and $50,000, respectively, for a total estimated fair value of $500,000. Required Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment. Amount of Basket Purchase Estimated Fair Allocation Recorded Amount Value Percentage Land Building Equipment Total Hints References eBook& Resources Hint #1

Explanation / Answer

Estimated FairValue AllocationPercentage Amount of basket purchase Recorded Amount Land 150000 30% 400000 120000 Building 300000 60% 400000 240000 Equipment 50000 10% 400000 40000 Total 500000 400000

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