Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment.

Land $120,000

Building$240,000

Equipment$40,000

Explanation:

Calculation to Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment.

Asset , Estimated fair value, Allocated percentage, Amount paid , Record amount

Land 150,000 30% $400,000 $120,000

Building 300,000 60% $400,000 $240,000

Equipment 50,000 10% $400,000 $40,000

Total 500,000

RECORDED AMOUNT

Land $120,000

Building$240,000

Equipment$40,000

Total $400,000

Calculation for Allocated percentage

Land: 150,000/500,000= 30%

Building 300,000 /500,000 = 60%

Equipment 50,000 /500,000 = 10%

Therefore the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment are:

Land $120,000

Building$240,000

Equipment$40,000

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