Anderson Company has purchased a group of assets for $23,800. The assets and their relative market values are listed below.
Which of the following amounts would be debited to the Land account? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A) $4200
B) $13,566
C) $4046
D) $6188
B) $13,566
Explanation: Cost of land = Lump-sum purchase price × [Land / (Land + Equipment + Building)] = $23,800 ×[ $7200 / ($7200 + $2100 + $3300)] = $13,566
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