What cost does the company assign to the land, Accounting Basics

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What cost does the company assign to the land

Lump-Sum Purchase

Response to the following problem:

The Garrett Corporation paid $200,000 to acquire land, buildings, and equipment. At the time of acquisition, the company paid $20,000 for an appraisal, which revealed the following values: land, $100,000; buildings, $125,000; and equipment, $25,000.

Required

What cost does the company assign to the land, buildings, and equipment, respectively?

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Accounting Basics: What cost does the company assign to the land

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