Solved: Assuming that the building is to be used in dorsey cos, Accounting Basics

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Assuming that the building is to be used in dorsey cos

Dorsey Co. has expanded its operations by purchasing a parcel of land with a building on it from Bibb Co. for $81,000. The appraised value of the land is $30,000, and the appraised value of the building is $97,000.

a. Assuming that the building is to be used in Dorsey Co.'s business activities, what cost should be recorded for the land? (Do not round your intermediate calculations.)

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Accounting Basics: Assuming that the building is to be used in dorsey cos

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