Question - Hawkeye Corporation has acquired a property that included both land and a building for $560,000. The corporation hired an appraiser who has determined that the market value of the land is $370,000 and that of the building is $400,000. At what amount should the corporation record the cost of land? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
$408,800
$177,600
$280,000
$268,800
Question - Roberts Construction Group paid $11,000 for a plant asset that had a market value of $20,500. At which of the following amounts should the plant asset be recorded?
$20,500
$5,500
$11,000
$22,000