Bingo Corporation Has Acquired a Property That Included Both Land

question 154

Multiple Choice

Bingo Corporation has acquired a property that included both land and a building for $520,000.The corporation hired an appraiser who has determined that the market value of the land is $320,000 and that of the building is $400,000.At what amount should the corporation record the cost of the building? (Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar. )

• A)$224,000
• B)$291,200
• C)$260,000
• D)$374,400

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