Question 14 Schwartzkopf Co. purchased for $2,200,000 property that included both land and a building...
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Question 14 Schwartzkopf Co. purchased for $2,200,000 property that included both land and a building to be used in operations. The seller's book value was $300,000 for the land and $900,000 for the building. By appraisal, the fair value was estimated to be $500,000 for the land and $2,000,000 for the building. At what amount should Schwartzkopf report the land and the building at the end of the year? (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places e.g. 58,971.) Cost allocated to land Cost allocated to building Click if you would like to Show Work for this question: Open Show Work
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