Question 1 of 5 Wildhorse Farms purchased real estate for $1,230,000, which included...
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Wildhorse Farms purchased real estate for $ which included $ in legal fees. It paid $ cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $ a building appraised at $ and fences and other land improvements appraised at $ The building has an estimated useful life of years and a $ residual value. Land improvements have an estimated year useful life and no residual value.
a
Calculate the cost that should be allocated to each asset purchased.
Land
$
Building
$
Land Improvements
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