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A Company Paid $595,000 for Property That Included Land Appraised

Question 148

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A company paid $595,000 for property that included land appraised at $384,000;land improvements appraised at $128,000;and a building appraised at $288,000.The plan is to use the building as a manufacturing plant.Determine the amounts that should be recorded as: A company paid $595,000 for property that included land appraised at $384,000;land improvements appraised at $128,000;and a building appraised at $288,000.The plan is to use the building as a manufacturing plant.Determine the amounts that should be recorded as:

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