Cullumber Inc. purchased land, a building, and land improvements from Kingswood Corporation for a cash payment of $450,000. The assets were on the books of Kingswood for the following amounts: Land: $36,000, Building cost $321,600 less Accumulated Depreciation of $67,000, and Land Improvements cost $27,000 less Accumulated Depreciation of $9,000. The assets’ appraised values at the date of purchase

Sep 8, 2023

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Cullumber Inc. purchased land, a building, and land improvements from Kingswood Corporation for a cash payment of $450,000. The assets were on the books of Kingswood for the following amounts: Land: $36,000, Building cost $321,600 less Accumulated Depreciation of $67,000, and Land Improvements cost $27,000 less Accumulated Depreciation of $9,000. The assets’ appraised values at the date of purchase
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