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How does the purchase of the equipment affect total assets

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Reference no: EM132865611

Problem - Lump-Sum Purchase of Assets and Subsequent Events - Dixon Manufacturing purchased, for cash, three large pieces of equipment. Based on recent sales of similar equipment, the fair market values are as follows:

Piece 1 $200,000

Piece 2 $200,000

Piece 3 $440,000

Required -

1. What value is assigned to each piece of equipment if the equipment was purchased for (a) $480,000, (b) $680,000, and (c) $800,000?

2. How does the purchase of the equipment affect total assets?

Reference no: EM132865611

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