An appraiser values the followingA man wants is willing to bid as high as $300 000 for the lot, however he won the lot at a bid of only $234 000.1Bulldozer $60 0002Dump Truck 1 $12 0003Dump Truck 2 $60004Crane $120 0005Pavement roller $72 0006Land Parcel $36 0007Construction building $30 0008Sand pit $24 000Total $360 000Question:1To set up the newly acquired assets, four asset accounts are usedWhat are these?2At what overall value should the newly acquired assets be set up in the accounts? What GAAP makes this necessary?
I'm assuming the equipment is purchased not rented or leasedDr construction equipment $ 252,000 Dr land $ 60000 Dr cost of construction $ 30,000 Dr cars and trucks $ 18,000
