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Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land

Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1

Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $193,500; land improvements are appraised at $86,000; and the building is appraised at $150,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

Required 1

Required 2

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