Domestic On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $566,600 for real estate plus $30,700 cash in closing costs.The real estate included land appraised at $176,030; land improvements appraised at $84,980; and a building appraised at $345,990.(b)PPE Asset(a)AppraisedValues(c)Ratio of Individual Appraised Value to(a) Total Appraised ValueCost Allocation(b) Total ActualCostTotal Appraised ValuePresent the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearestwhole dollar.)View transaction listJournal entry worksheet< 1Record the costs of lump-sum purchase.Note: Enter debits before credits.DateApril 12, 2023General JournalDebitCredit

COST ALLOCATIONWhen item of cost are Identifiable directly with some products or departments such…

On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $566,600 for real estate plus $30,700 cash in closing costs. The real estate included land appraised at $176,030; land improvements appraised at $84,980; and a building appraised at $345,990. (b) PPE Asset (a) Appraised Values (c) Ratio of Individual Appraised Value to Cost Allocation Total Appraised Value (a) Total Appraised Value (b) Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the costs of lump-sum purchase. Note: Enter debits before credits. Date April 12, 2023 General Journal Debit Credit >

On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $566,600 for real estate plus $30,700 cash in closing costs. The real estate included land appraised at $176,030; land improvements appraised at $84,980; and a building appraised at $345,990. (b) PPE Asset (a) Appraised Values (c) Ratio of Individual Appraised Value to Cost Allocation Total Appraised Value (a) Total Appraised Value (b) Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the costs of lump-sum purchase. Note: Enter debits before credits. Date April 12, 2023 General Journal Debit Credit >

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 30CE

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