Question
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 $180,000; land improvements are appraised at $60,000; and the building is appraised at $160,000.
- Allocate the total cost among the three assets.
- Prepare the journal entry to record the purchase.
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Financial Accounting A Business Perspective
Authors: Jefferson Williams, Roger Hermanson, James Don Edwards
10th Edition
1930789793, 978-1930789791
