SEASH, Inc. acquired an office building, land, and equipment in a single basket purchase. The fair values were $2,400,000, $1,200,000, and $400,000 for the building, land, and equipment, respectively. The company recorded the building for $2,160,000.  What was the total purchase cost for all three assets?   Select one: a. $3,400,000 b. $3,600,000 c. $3,200,000 d. $3,800,000 e. $4,000,000

SWFT Comprehensive Vol 2020
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ISBN:9780357391723
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Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
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SEASH, Inc. acquired an office building, land, and equipment in a single basket purchase. The fair values were $2,400,000, $1,200,000, and $400,000 for the building, land, and equipment, respectively. The company recorded the building for $2,160,000. 

What was the total purchase cost for all three assets?


 

Select one:
a. $3,400,000
b. $3,600,000
c. $3,200,000
d. $3,800,000
e. $4,000,000
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