Business, 25.02.2021 18:50 sssssaaaaaddddd7485

Allocate costs in a basket purchase (LO7-1) Red Rock Bakery purchases land, building, and equipment for a single purchase price of $460,000. However, the estimated fair values of the land, building, and equipment are $168,000, $308,000, and $84,000, respectively, for a total estimated fair value of $560,000.
Required:
Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment.

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Allocate costs in a basket purchase (LO7-1) Red Rock Bakery purchases land, building, and equipment...

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