Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of $2,400,000.
The building was completely furnished. According to independent appraisals, the fair values were $1,300,000, $780,000, and $520,000 for the building, land, and furniture and fixtures, respectively.
The initial values of the building, land, and furniture and fixtures would be:
Building Land Fixtures
a. $1,300,000 $ 780,000 $520,000
b. $1,200,000 $ 720,000 $480,000
c. $ 720,000 $1,200,000 $480,000
d. None of these answer choices are correct.
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