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Burleson, inc., purchased a tract of land, a small office building, and some equipment for $1,550,000. the appraised value of the land was $1,100,000, the building $600,000…
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Burleson, inc., purchased a tract of land, a small office building, and some equipment for $1,550,000. the appraised value of the land was $1,100,000, the building $600,000…
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Dec 28, 2018
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Burleson, inc., purchased a tract of land, a small office building, and some equipment for $1,550,000. the appraised value of the land was $1,100,000, the building $600,000, and the equipment $300,000. what is the cost of the land?
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To find the land cost, we first find the ratio that is the land at its appraised value. In this case, this would be (1100000/2000000), or 0.55. Then, the price of the purchase for the entire property is multiplied by this rate. This would give a land value of (1550000 * 0.55), or $852,500.
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Jan 2, 2019
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