Hastings Company Has Purchased a Group of Assets for $350,000

question 109

Multiple Choice

Hastings Company has purchased a group of assets for $350,000.The assets and their market values are listed as follows: $$\begin{array} { | l | r | } \hline \text { Land } & \$ 125,000 \\\hline \text { Equipment } & 75,000 \\\hline \text { Building } & 200,000 \\\hline\end{array}$$ Which of the following amounts would be debited to the Land account?

• A) $125,000
• B) $109,375
• C) $65,625
• D) $175,000