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Bowie Company made a lump sum purchase of land, building, and equipment. The following were...

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Accounting

Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

PP&E Element

Amount

Land$10,000

Building25,000

Equipment50,000

Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)

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