Question
1 Saved Help Save & Exit Submit Check my work 10 points Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company
1 Saved Help Save & Exit Submit Check my work 10 points Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $410.670 for real estate with land, land improvements, and a building. Land is appraised at $216,000; land improvements are appraised at $96.000; and the building is appraised at $168,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Hint Required 1 Required 2 Ask Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Appraised Value Print Percent of Total Appraised Value Total Cost of Acquisition Apportioned Cost Land $ 216,000 45% Land improvements 96,000 20% 410,670 x410,670 References Building Totals 168.000 35% x410,670 $ 480,000 100% 0.00 Required Required 2 >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started