Bowie Company made a lump sum purchase of land, building, and equipment

Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

PP&E Element Amount

Land $10,000

Building 30,000

Equipment 50,000

Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)

2)

February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $112,000. The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018. Costs incurred during this period were:

Item Amount

Demolition dilapidated building $3,200

Architect Fees $11,250

Legal Fees – for title search $1,650

Interest During Active Construction Period $5,025

Real estate transfer tax $1,500

Construction Costs $605,000

Using this information, how much should be recorded as the cost of the land?

3)

Annapolis Company was recently sold for $500,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item Amount

Accounts Receivable assumed by buyer $81,000

Inventory $295,000

Property, Plant & Equipment (net) $505,000

Notes Payable assumed by buyer $615,000

Using this information, how much should be recorded as Goodwill for this

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