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On May 72014 Shane Corporation purchased for $450000 a tractof land on which was located a warehouse and an office buildingThe following data were collected concerning the property Current

On May 72014 Shane Corporation purchased for $450000 a tractof land on which was located a warehouse and an office buildingThe following data were collected concerning the property Current

On May 7, 2014, Shane Corporation purchased for $450,000 a tractof land on which was located a warehouse and an office building.The following data were collected concerning the property:

 

Current

Vendor's

 

Assessed

Original

 

Valuation

Cost

Land

$100,000

$ 70,000

Warehouse

80,000

80,000

Office building

220,000

150,000

 

$400,000

$300,000

 

What are the appropriate amounts that Shane should record for theland, warehouse, and office building, respectively?

mahesh 24-Mar-2020

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