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At what amount should concord report the land at the end

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Question

Concord Co. purchased for $2,152,000 property that included both land and a building to be used in operations. The seller's book value was $310,000 for the land and $943,000 for the building. By appraisal, the fair value was estimated to be $638,716 for the land and $1,817,884 for the building.

At what amount should Concord report the land and the building at the end of the year?

(Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places e.g. 58,971.)

Cost allocated to land$

Cost allocated to building

Reference no: EM132322082

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