Red Rock Bakery purchases land, building, and equipment for a single purchase price of $580,000. However, the estimated fair values of the land, buildings, and equipment are $204,000, $408,000, and $68,000, respectively, for a total estimated fair value of $680,000. Required: Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment.
Estimated Fair Value:
Land:
Building:
Equipment:
Total
Allocation Percentage
Land:
Building:
Equipment:
Total:
Amount of Basket Purchase
Land:
Building:
Eqipment:
Total:
Recorded Amount
Land:
Building:
Equipment:
total: