Renfro Corporation purchased for $765,000 a tract of land on which was located a warehouse and an… 1 answer below »

Renfro Corporation purchased for $765,000 a tract of land on which was located a warehouse and an office building. The following information is available concerning the property that was purchased: Current Market Value Land ……………….. $300,000 Warehouse …………… 200,000 Office building ……… 400,000 What are the appropriate amounts that Renfro should record in its balance sheet as the cost of the land, warehouse, and office building, respectively. land $255,000; warehouse $155,000; office building $355,000 land $300,000; warehouse $200,000; office building $400,000 land $273,214; warehouse $163,929; office building $327,857 land $255,000; warehouse $170,000; office building $340,000 land $345,000; warehouse $230,000; office building $460,000

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