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Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $243,000; land improvements are appraised at $54,000,
Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $243,000; land improvements are appraised at $54,000, and a building is appraised at $243,000. 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.) Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals
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