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The estimated fair values of the assets are land 90000 at

Question - Cullumber Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $472,500. The estimated fair values of the assets are land $90,000, building $330,000, and equipment $120,000. At what amounts should each of the three assets be recorded?

Land

Building

Equipment

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Accounting Basics: The estimated fair values of the assets are land 90000 at

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