Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building, Land is appraised at $193,500; land improvements are appraised at $64,500;

image text in transcribed
Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building, Land is appraised at $193,500; land improvements are appraised at $64,500; and the building is appraised at $172,000, 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 Appralsed Value * Total Cost of Acquisition = Apportioned Cost 15% * 336,960 x 336,960 x 336,960 50,544.00 Land Land improvements Building Totals $ 15% 50,544.00 $ 0 Required Required 2 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions