On December 1, 2016, Xeon Company bought land and an accompanying warehouse from Yen Company for $800,000 . The fair market values of the land and the building at the time of purchase were $700,000 and $300,000, respectively. How much of the purchase price should Xeon Company allocate to the land and how much should be allocated to the building?
a. $457,143 and $342,857, respectively.
b. $700,000 and $300,000, respectively.
c. $560,000 and $240,000, respectively.
d. $500,000 and $300,000, respectively
c
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Indicate whether each of the following statements is true or false. (Assume a perpetual inventory system.)________ a) The freight terms FOB shipping point increase the cost of inventory to the buyer.________ b) The term FOB means that goods are shipped free of charge to buyer and seller.________ c) FOB shipping point means that the purchaser's responsibility ends at freight point.________ d) FOB destination means that the seller's responsibility ends at destination.________ e) When the seller of merchandise records freight under the terms FOB shipping point, the seller records an expense.
What will be an ideal response?
Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal
Indicate whether the statement is true or false
Which of the following sentences uses the prepositions "of" and "off" correctly?
A. Louisa told her dog to get off the couch immediately. B. David couldn't think off another idea. C. Lee and Scott were tired off their schedules. D. Walker wanted to get of the steep slope but couldn't do it.
The EPA's Final Policy on Penalty Reductions encourages firms to engage in environmental self-________
A) actualization B) realization C) auditing D) reporting