Question
Rodriguez Company pays $384,345 for real estate with land, land improvements, and a building. Land is appraised at $164,000; land improvements are appraised at
Rodriguez Company pays $384,345 for real estate with land, land improvements, and a building. Land is appraised at $164,000; land improvements are appraised at $82,000; and the building is appraised at $164,000. 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 Total Cost of Acquisition -Apportioned Cost Land $ 164,000 50% 384,345 Land improvements 82,000 15% 384,345 Building 164,000 35% 384,345 Totals $ 410,000 100% $ 0.00 Required 1 Required 2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < A Record the costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2
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