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Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building. Land is appraised at $247,500; land improvements are appraised at $110,000;
Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building. Land is appraised at $247,500; land improvements are appraised at $110,000; and the building is appraised at $192,500. 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.) Land Land improvements Building Totals Percent of Total Appraised Value Appraised Value Total Cost of Acquisition Apportioned Cost Required 1 Required 2 > View transaction list Journal entry worksheet A Record the costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit Clear entry Record entry < Required 1 View general journal
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