Question
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $172,000; land improvements are appraised at $64,500;
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $172,000; land improvements are appraised at $64,500; and a building is appraised at $193,500.
Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.
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Financial Accounting
Authors: Warren, Reeve, Duchac
12th Edition
1133952410, 9781133952411, 978-1133952428
