Sheridan Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $371,700. The estimated fair values of the assets are land $70,800, building $259,600, and equipment $94,400. At what amounts should each of the three assets be recorded?

Land = $61,950

Building = $227,150

Equipment = $82,600

Explanation:

Total Asset Fair Value = $70,800+$259,600+$94,400

Total Asset Fair Value = $424,800

Recorder Amount

Land = [$70,800/$424,800]$371,700

Land = $61,950

Building = [$259,600/$424,800]$371,700

Building = $227,150

Equipment = [$94,400/$424,800]$371,700

Equipment = $82,600

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.