Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Land is appraised at $245,000; land improvements are appraised at $73,500; and the building is appraised at $171,500. 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 Land Land improvements Building Totals Appraised Value x Total Cost of = Apportioned Acquisition Cost

Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Land is appraised at $245,000; land improvements are appraised at $73,500; and the building is appraised at $171,500. 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 Land Land improvements Building Totals Appraised Value x Total Cost of = Apportioned Acquisition Cost

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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poin(s) possible Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: E (Click the icon to view the values.) Eastwood paid $265,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) ... Date Accounts and Explanation Debit Credit Land-Lot 1 Land-Lot 2 Land-Lot 3 Data table Cash To record sale of lots. Lot Appraised Value Lot 1 2$ 202,500 Lot 2 225,000 Lot 3 22,500 Print Done
Question Content Area A building with an appraisal value of $130,876 is made available at an offer price of $155,610. The purchaser acquires the property for $39,936 in cash, a 90-day note payable for $25,942, and a mortgage amounting to $59,561. The cost of the building to be reported on the balance sheet is a. $115,674 b. $125,439 c. $155,610 d. $130,876
What is the journal entry Declan's Designs recorded to recognize 2022 deprecation expense? Question 5 options: Dr. Accumulated Depreciation $3,000 Cr. Depreciation Expense $3,000 Dr. Depreciation Expense $2,000 Cr. Accumulated Depreciation $2,000 Dr. Depreciation Expense $3,000 Cr. Accumulated Depreciation $3,000 Dr. Depreciation Expense $1,000 Cr. Accumulated Depreciation $1,000
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Basket purchase allocation Dorsey Co. has expanded its operations by purchasing a parcel of land with a building on it from Bibb Co. for $255,000. The appraised value of the land is $60,000, and the appraised value of the building is $240,000.Page 215Required:a. Assuming that the building is to be used in Dorsey Co.’s business activities, what cost should be recorded for the land?b. Explain why, for income tax purposes, management of Dorsey Co. would want as little of the purchase price as possible allocated to land.c. Explain why Dorsey Co. allocated the cost of assets acquired based on appraised values at the purchase date rather than on the original cost of the land and building to Bibb Co. d. Assuming that the building is demolished at a cost of $20,000 so that the land can be used for employee parking, what cost should Dorsey Co. record for the land?
2 Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building Land is appraised at $193,500, land improvements are appraised at $86,000, and the building is appraised at $150,500. 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. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Totals Appraised Value Percent of Total Appraised Value Total Cost of Acquisition Apportioned Cost 0% Required 1 S 0.00 Required 2 >
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Question Content Area The president of Christmas Corporation donated a building to Tuesday Corporation. The building had an original cost of $675,000, a book value of $255,000, and a fair market value of $475,000. The journal entry by Tuesday Corporation to record this donation will include a debit Building for $675,000 and credit Gain for $200,000. debit Building for $255,000 and credit Gain for $255,000. debit Building for $475,000 and credit Gain for $200,000. debit Building for $475,000 and credit Gain for $475,000.