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Unformatted text preview: Advantage Metals wanted the site for a recycling business it planned to start at the location. All of the equipment would be used in this new operation. The minimum bid price was set at $4,900,000. As it turned out, the auction was poorly attended. Advantage was only the only bidder on this property, and was fortunate to acquire the property at the opening bid minimum. Determine the correct cost allocation to the land, buildings, and equipment, and prepare a journal entry to reflect this acquisition....
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- Spring '11