Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 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
Q: journal entry
A: Recording of financial transactions in the book of accounts(journal) is the first step in…
Q: A building with an appraisal value of $132,331 is made available at an offer price of $151,729. The…
A: Note payable is a liability posted to the balance sheet of the company that has to be repaid within…
Q: how can i made this entry in QB? Add the purchase of land and a warehouse building form Prime…
A: Journal: Recording of a business transactions in a chronological order.
Q: A building with an appraisal value of $125,332 is made available at an offer price of $156,559. The…
A: Cost basis is the amount to be recognized in the accounting records. It includes the amount given or…
Q: b. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were…
A: Depreciation Expenses The amount subtracted from gross margin to account for a decrease in the worth…
Q: Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000…
A: Formula: Cost allocated to Land = Total amount paid x Appraisal value of Land / Total Appraisal…
Q: Required information [The following information applies to the questions displayed below.] Shahia…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: A building with an appraisal value of $131,275 is made available at an offer price of $151,428. The…
A: The cost basis of the asset is the cost or the purchase price which has been actually paid by the…
Q: A building with an appraisal value of $132,577 is made avaitable at an offer price of $159,843. The…
A: 1. Appraisal value = 132,577 2.offer price = 159,843 The cost of building to be recorded Cash…
Q: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the…
A: 1. Allocation of total cost among the three assets:- Date Appraised Value Percent of Total…
Q: Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land…
A: Percentage of total appraised value = (Appraised value / Total appraised value)*100
Q: A building with an appraisal value of $154,000 is made available at an offer price of $172,000. The…
A: Apprisal value = $154,000Offer price = $172,000Notes payable = $45,000Mortgage payable = $75,000
Q: Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land…
A: Introduction:- Property, plant ,equipment classified as fixed assets. It is reported under balance…
Q: The cost of the building to be reported on the balance sheet is
A: Given info is: A building with an appraisal value of $125,601 is made available at an offer price of…
Q: Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Land…
A: Journal entry is the report which is prepared by the entity in order make a record of daily business…
Q: Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land…
A: A journal entry is being used to record a commercial transaction in the accounting records of a…
Q: Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land…
A: Journal entries is the foremost step to be completed in an accounting cycle. These are prepared to…
Q: Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts…
A: Journal entry It is important for the entity to record the journal entry in proper manner which…
Q: Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life),…
A: Land is not depreciated because land has unlimited life and depreciation is charged only to the…
Q: Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land…
A: The various assets can be acquired by the business at a lump sum price. The assets acquired at lump…
Q: Allocating payments and receipts to fixed asset accountsThe following payments and receipts are…
A: (1). Identify each item by letter and the list the amounts in columnar form. ITEM LAND LAND…
Q: Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land…
A: Introduction: A journal entry records a business transaction in the accounting system of an…
Q: Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land…
A: Percent of total appraised value = (Appraised value of asset / Total Appraised value of all…
Q: Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land…
A: Percent of total appraised value for land = Total appraised value/Appraised value of land
Q: Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land…
A: The lump sum paid for acquisition of different assets can be allocated to different assets on the…
Q: eBook Show Me How Determining cost of land On-Time Delivery Company acquired an adjacent lot to…
A: The cost of an assets includes the costs incurred in order to make assets ready for use.for its…
Q: Required information (The following information applies to the questions displayed below.) Rodriguez…
A: Lets understand the basics.When more than one items are acquired in lum sump then appropriation of…
Q: A building with an appraisal value of $130,876 is made available at an offer price of $155,610. The…
A: The cost of an asset is the sum of the cash or cash equivalent payments made or the fair market…
Q: Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Land…
A: Cost to be apportioned to assets in percentage of total appraised value.
Q: What is the cost of the land, based upon the following data? Land purchase price $174,323 Broker's…
A: Land improvements: The cost of land improvements includes all expenditures associated with making…
Q: Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land…
A: The journal entries are prepared to record the transactions on regular basis. The purchase price can…
Q: Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land…
A: Lets understand the basics.When land and building is purchased in a lump sump then allocation of…
Q: Rodriguez Company pays $384,345 for real estate with land, land improvements, and a building. Land…
A: Total cost of acquisition is to be allocated on basis of Appraised value
Q: 2 Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building Land…
A: Journal Entry: Journal entry refers to the recording of transactions in the books of accounts of a…
Q: Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Hauswirth Corporation sold (or exchanged) a warehouse in year O. Hauswirth bought the warehouse…
A: Section 1231 gain: The U.S. Internal Revenue Code's Section 1231 defines section 1231 property as a…
Q: Pitney Company purchased an office building, land, and furniture for $658,500 cash. The appraised…
A: Horizontal Statement model records all assets and liabilities of financial statement horizontally.…
Q: Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000…
A: When numerous assets are purchased for a single price, this is known as a lump-sum buy. Each of the…
Step by step
Solved in 4 steps with 4 images
- Can you please check my workSolveRodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $184,500; land improvements are appraised at $61,500; 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. Note: Round your "Apportioned Cost" answers to 2 decimal places. Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition Apportioned Cost Land $ 184,500 x 389,610 Land improvements 61,500 x 389,610 Building 164,000 x 389,610 Totals $ 410,000 0% $ 0.00
- Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $79,500; and the building is appraised at $212,000. 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 Required 1 Required 2 Prepare the journal entry to record the purchase. (Rour 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 generalRequired 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 1 General Journal Debit CreditRodriguez Company pays $358,020 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 Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2
- Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is appraised at $216,000; land improvements are appraised at $48,000; and the building is appraised at $216,000. 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.) Land Land improvements Building Totals Appraised Value Percent of Total x Total Cost of = Apportioned Appraised Value Acquisition CostRodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Land is appraised at $243,000; land improvements are appraised at $81,000; and the building is appraised at $216,000. 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.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2 > Required 1Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $79,500; and the building is appraised at $212,000. 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 Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals Required 1 Required 2
- Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $265,000; land improvements are appraised at $79,500; and the building is appraised at $185,500. 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 $ $ 265,000 79,500 185,500 530,000 Percent of Total x Total Cost of Appraised Value Acquisition 50% 15% 35% 100%RahulRodriguez Company pays $352, 755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $69,000; and the building is appraised at $184,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. \table[[ \table[[Appraised], [Value]],\table[[Percent of Total], [Appraised], [Value]],\table[[x Total Cost of], [Acquisition]],\table[[Apportioned], [Cost]]]. [Land,...]. [Land improvements...]. [Building....]]