Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building Land is appraised at $172,000: land improvements are appraised at $43,000,
Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building Land is appraised at $172,000: land improvements are appraised at $43,000, and a building is appraised at $215,000. Required: 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.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition -Apportioned Cost Land Land improvements Building Totais $ 0 0 0.00 Required 2 > Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building, Land is appraised at $172,000; tand improvements are appraised at $43,000; and a building is appraised at $215,000. Required: 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 Required2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction lint Journal entry worksheet A Record the costs of lump sum purchase. Nota: Enter debits before credits
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started