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

Essay

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 $288,000.The plan is to use the building as a manufacturing plant.Determine the amounts that should be recorded as:
(a)Land………………….$________
(b)Land Improvements....$________
(c)Building……………… $________