Twin Investments Purchased Land with a Building for a Total

question 147

Essay

Twin Investments purchased land with a building for a total cost of $5,500,000 ($500,000 paid in cash and the balance on a long-term note).The appraised cost of the land and building were $3,000,000 and $2,100,000,respectively.Calculate the costs to be allocated to the land and the building and prepare the appropriate journal entry to record the acquisition.(Round all calculations to two decimals)

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