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  3. 2. on may 1, lenny corporation purchased for $700,

2. On May 1, Lenny Corporation purchased for $700,000 a tract of land on which...

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Accounting

2. On May 1, Lenny Corporation purchased for $700,000 a tract of land on which a warehouse and office building were located. The following data were collected concering the property:

Current Assessed Vendor's Valuation Original Cost

Land $250,000 $185,000

Warehouse 330,000 312,000

Office Building 225,000 144,000

Total $805,000 $641,000

Determine the appropriate amounts that Lenny should record for the land, warehouse, and office building. A journal entry is not needed.

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