Sunland Company Purchase of a Tract of Land
What are the appropriate amounts that Sunland should record for the land, warehouse, and office building, respectively?
The appropriate amounts that Sunland should record for the land, warehouse, and office building are as follows: - Land: $558,000 - Warehouse: $351,000 - Office building: $711,000 These amounts were calculated by allocating the total cost of the property based on the current assessed valuation and the vendor's original cost of each component.