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Forest Company paid $38,000,000 for a warehouse and related assets from a company that was in bankruptcy. The warehouse includes land, building, moving equipment, and heating/ventilation/air conditioning (HVAC) system. An independent appraiser valued these items individually as follows:
PPE category Appraised value
Land $10,400,000
Building 23,400,000
Moving equipment 3,900,000
HVAC system 14,300,000
Total $52,000,000
Required:
Question 1: Allocate the purchase price among the assets acquired.
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