Maxco Company Acquired Land and Buildings for $1,000,000

question 29

Multiple Choice

Maxco Company acquired land and buildings for $1,000,000. The land is appraised at $450,000 and the buildings are appraised at $800,000. The debits to the Land and Buildings accounts will be:

• A)Land $360,000; Building $640,000.
• B)Land $500,000; Building $500,000.
• C)Land $450,000; Building $800,000.
• D)Land $562,500; Building $437,500.

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