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The estimated fair values of the assets are land 60000

Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the three assets be recorded?

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Accounting Basics: The estimated fair values of the assets are land 60000

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