What are the appropriate amounts that renfro should record

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Reference no: EM131761634

Question: Renfro Corporation purchased for $765,000 a tract of land on which was located a warehouse and an office building. The following information is available concerning the property that was purchased:

Current Market Value Land .................... $300,000

Warehouse ............... 200,000

Office building ......... 400,000

What are the appropriate amounts that Renfro should record in its balance sheet as the cost of the land, warehouse, and office building, respectively.

land $255,000; warehouse $155,000; office building $355,000

land $300,000; warehouse $200,000; office building $400,000

land $273,214; warehouse $163,929; office building $327,857

land $255,000; warehouse $170,000; office building $340,000

land $345,000; warehouse $230,000; office building $460,000

Reference no: EM131761634

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