Testbank Multiple Choice Question 97 Crane Company purchased the assets of Blossom Company at an auction for $5000000. An independent appraisal of the fair value of the assets is listed below: Land $1750000 Building 2750000 Equipment 2000000 Trucks 3000000 Assuming that specific identification costs are impracticable and that Crane allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Trucks

On june 1, 2017, blossom company was started with an initial investment in the company of $22,360 cash. here are the assets, liabilities, and common stock of the company at june 30, 2017, and the revenues and expenses for the month of june, its first month of operations: cash $4,960 notes payable $12,720 accounts receivable 4,340 accounts payable 840 service revenue 7,860 supplies expense 1,100 supplies 2,300 maintenance and repairs expense 700 advertising expense 400 utilities expense 200 equipment 26,360 salaries and wages expense 1,760 common stock 22,360 in june, the company issued no additional stock but paid dividends of $1,660. prepare an income statement for the month of june.