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

Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $212,000; land improvements are appraised at $79,500; and a building is appraised at $238,500.

Required:

1. Allocate the total cost among the three assets.

2. make the journal entry to record the purchase.

Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $212,000; land improvements are appraised at $79,500; and a building is appraised at $238,500. Required: 1. Allocate the total cost among the three assets. 2. Prepare thejournal 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.) Land improvements Building Totals 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