Millburn corporation has acquired a property that included both land and a building for $510,000. the corporation hired an appraiser who has determined that the market value of the land is $320,000 and that of the building is $440,000. at what amount should the corporation record the cost of land? (round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

$2,14,200

Explanation:

The total market value of the land and building = 3,20,000 + 4,40,000

                                                                               =$7,60,000

Now, we have calculated the percentage of land involved in the total market value are as follows:

= \frac{320000}{760000} × 100

= 42%

Now,

the value of land = 42% of $5,10,000

= $2,14,200

This is the amount that corporation should record the cost of land.

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