Simpson and Homer Corporation acquired an office building on three acres of land...
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Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of $2,850,000. The building was completely furnished. According to independent appraisals, the fair values were $880,000, $1,320,000, and $2,200,000 for the building, land, and furniture and fixtures, respectively. The initial values of the building, land, and furniture and fixtures would be: a. b. Building Land Fixtures $ 880,000 $1,320,000 $2,200,000 $570,000 $ 855,000 $1,425,000 $855,000 $ 570,000 $1,425,000 None of these answer choices are correct. C. d. Multiple Choice Option D Option C (0) Option B O Option A
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