Question
Rodriguez Company pays $379,080 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at
Rodriguez Company pays $379,080 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $79,500; and a building is appraised at $212,000. 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.) Land Land improvements Building Totals Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition = Apportioned Cost 379,080 * 379,080 * 379,080 $ 0% $ 0.00 < Required 1 Required 2 >
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