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Mike Inc. makes a lump sum purchase for land and building and pays $300,000. The land has been independently appraised at $105,000 and the building has been appraised at $245,000. What percentage of the purchase price should be allocated to land

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Answer: 30%

Explanation:

To solve this question, the first thing that is needed to be done is for us to calculate the total appraisal value. This will be:

= $105,000 + $245,000

= $350,000

The percentage of the purchase price that should be allocated to land will then be:

= 105,000/350,000

= 30%

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