Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $347.490 for real estate with land, land improvements, and a building. Land is appraised at $204.000; land improvements are appraised at $51,000; and the building is appraised at $255.000. 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. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value * Total Cost of Acquisition = Apportioned Cost s 255.000 Land Land improvements Building Totals s 255.000 0% s 0.00 Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit January 02 Onslow Company purchased a used machine for $240,000 cash on January 2 On January 3. Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2.000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28.800 salvage value. Straight-line depreciation is used. On December 31. at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits. Date General Journal Debit Credit January 03 Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3. Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2.000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28.800 salvage value. Straight-line depreciation is used. On December 31. at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet > Record the cost of $2,000 for an operating platform. Note: Enter debits before credits. Date General Journal Debit Credit January 04