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Question 1 - Alpha 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
Building 20,000
Equipment 30,000
Alpha paid $45,000 cash for the lump sum purchase. What value should be allocated to the following? (Enter only whole dollar values.)
1. Land
2. Building
3. Equipment
Question 2 - Bravo Company purchased equipment on October 1, 2016. Bravo paid $60,000 for equipment and paid an additional $500 for shipping and $200 to place the equipment in service. The equipment is expected to have a $6,000 residual value and a 8-year life. Bravo has a December 31 fiscal year end. Using the double-declining balance method, how much is: (Enter only whole dollar values.)
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