Laramie Company Has Acquired a Property That Included Both Land

question 67

Multiple Choice

Laramie Company has acquired a property that included both land and a building for $500,000.The company hired an appraiser who has determined that the market value of the land is $300,000 and that of the building is $480,000.At what amount should the company record the cost of the building? (Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar.)

• A) $297,600
• B) $310,000
• C) $250,000
• D) $320,000

---

Definitions:

Chinese Exclusion Act

A United States federal law signed in 1882 that prohibited all immigration of Chinese laborers.

Provisions

Supplies of food, drink, or equipment, especially for a journey or special purpose.

Stereotype Interchangeability

The notion that stereotypes, while fixed in general, can be applied to any member of a targeted group without consideration for individual differences.

Stereotypes

Oversimplified and generalized beliefs or ideas about a group of people that often overlook individual differences and complexities.