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A company acquired an office building, land, and equipment in a single basket purchase. The fair values were $1,560,000, $1,560,000, and $2,080,000 for the building, land, and equipment, respectively. The company recorded the building for $1,470,000. What was the total purchase cost for all three assets

Respuesta :

Tundexi

Answer:

$4,900,000

Explanation:

Ratio of Building in total Fair Value = $1,560,000 / ($1,560,000 + $1,560,000 + $2,080,000)

Ratio of Building in total Fair Value = $1,560,000 / $5200000

Ratio of Building in total Fair Value = 0.3

Ratio of Building in total Fair Value = 30%

Building recorded by = $1470000

Total Purchase Price of all three asset = $1470000 / 30%

Total Purchase Price of all three asset = $1470000 / 0.3

Total Purchase Price of all three asset = $4,900,000

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