Sheridan Manufacturing Purchased a New Building with the Surrounding Land

question 193

Multiple Choice

Sheridan Manufacturing purchased a new building with the surrounding land.The price paid was $2,400,000,including the commission charged on the sale.An appraisal of the land and building at the time of purchase indicated that the market value of the land was $2,000,000 and the market value of the building was $1,000,000.What amounts would be recorded for the purchase of the two assets?

• A)Land $1,600,000,Building $800,000
• B)Land $2,000,000,Building $1,000,000
• C)Land $2,000,000,Building $400,000
• D)Land $1,400,000,Building $1,000,000

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