Question
Rodriguez Company pays $321,165 for real estate with land, land improvements, and a building. Land is appraised at $210,000; land improvements are appraised at $63,000;
Rodriguez Company pays $321,165 for real estate with land, land improvements, and a building. Land is appraised at $210,000; land improvements are appraised at $63,000; and the building is appraised at $147,000.
- Allocate the total cost among the three assets.
- Prepare the journal entry to record the purchase.
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Financial Statement Analysis
Authors: K. R. Subramanyam, John Wild
11th edition
78110963, 978-0078110962
