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What am I doing wrong in the land improvements and building? Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $331695 for
What am I doing wrong in the land improvements and building?
Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $331695 for real estate with land, land improvements, and a building, Land is appraised at $164.000; land improvements are appraised at $61,500; and a building is appraised at $184,500 Required: 1. Allocate the total cost among the three assets 2. Prepare the journal entry to record the purchase. Answer is complete but not entirely correct. 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 Total Cost of * Apportioned Value Appraised Cost Acquisition Value Land 164,000 40% *331,695 $ 132,678.00 Land 61,500 15% improvements *331,605 49,754,00 Building 184,500 45% * 331,695 149,263,00 Totals $ 410,000 100% 331,695.00 Required Required 2 > Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $331695 for real estate with land, land improvements, and a building, Land is appraised at $164.000: land improvements are appraised at $61,500; and a building is appraised at $184,500, Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) No Transaction General Journal Credit Land Land improvements Building Cash Debit 132.678.00 49,754,00 149.263.00 331.695.00 Step by Step Solution
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