Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405.405 for real estate with land, land improvements, and a building. Land is appraised at $243,000, land improvements are appraised at $108.000, and the building is appraised at $189,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405.405 for real estate with land, land improvements, and a building. Land is appraised at $243,000, land improvements are appraised at $108.000, and the building is appraised at $189,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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