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What value should be allocated to the building

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Question - Bowie 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 $15,000

Building 35,000

Equipment 50,000

Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building?

Reference no: EM132732223

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