Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; landimprovements are appraised at $69,000; and the building is appraised at $184,000.1. 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 2Allocate the total cost among the three assets.Note: Round your "Apportioned Cost" answers to 2 decimal places.LandLand improvementsBuildingAppraisedValuePercent of TotalAppraisedValue× Total Cost ofAcquisitionApportionedCost Rodriguez 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 costamong 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 2decimal places. \table[[ \table[[Appraised], [Value]],\table[[Percent of Total], [Appraised], [Value]],\table[[x Total Cost of], [Acquisition]],\table[[Apportioned], [Cost]]]. [Land,...]. [Land improvements...]. [Building....]]

Rodriguez 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. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

Rodriguez 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. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3PB: During the current year, Alanna Co. had the following transactions pertaining to its new office...

See similar textbooks

Similar questions

A building with an appraisal value of $129,802.00 is made available at an offer price of $150,878.00. The purchaser acquires the property for $33,175.00 in cash, a 90-day note payable for $25,972.00, and a mortgage amounting to $57,161.00. What is the cost basis recorded in the buyer's accounting records to recognize this purchase? Select the correct answer. $129,802.00 $150,878.00 $117,703.00 $116,308.00
Following are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer b. Record the journal entry on the date of the Account NameDr.Cr. Answer Answer Answer To record land acquisition.
A building with an appraisal value of $135,757 is made available at an offer price of $158,563. The purchaser acquires the property for $34,867 in cash, a 90-day note payable for $23,496, and a mortgage amounting to $58,384. The cost basis recorded in the buyer's accounting records to recognize this purchase is
A building with an appraisal value of $132,331 is made available at an offer price of $151,729. The purchaser acquires the property for $35,281 in cash, a 90-day note payable for $28,200, and a mortgage amounting to $57,872. The cost basis recorded in the buyer's accounting records to recognize this purchase is a. $116,448 b. $151,729 c. $121,353 Od. $132,331 All work saved. Used Car I Ford Search Your Local Blue Advantage
There are two questions one is asking for journal entry, Please read and answer questions carefully.
Need help
Based on the following data, determine the cost of the land to be reported on the balance sheet. Line Item Description Amount Land purchase price $178,000 Broker's commission 15,000 Payment for demolition and removal of existing building 5,000 Cash received from sale of materials salvaged from demolished building 2,000
Lexington Garden Supply pays $280,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of$124,000, the building's current market value is $31,000, and the equipment's current market value is $155,000. Prepare a schedule allocating the purchase price of$280,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The businesssigns a note payable for the purchase price.
A building with an appraisal value of $125,601 is made available at an offer price of $153,140. The purchaser acquires the property for $31,231 in cash, a 90-day note payable for $23,994, and a mortgage amounting to $57,725. The cost of the building to be reported on the balance sheet is a.$121,909 b.$125,601 c.$112,950 d.$153,140
The acquisition of a new machine with a purchase price of $82,058, transportation costs of $7,947, installation costs of $5,554, and special acquisition fees of $2,127, would be journalized with a debit to the asset account for
Red Rock Bakery purchases land, building, and equipment for a single purchase price of $560,000. However, the estimated fair values of the land, building, and equipment are $231,000, $363,000, and $66,000, respectively, for a total estimated fair value of $660,000. Required: Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment. Allocation Amount of Basket Purchase Recorded Amount Estimated Fair Value Percentage Land % Building Equipment Total $ Next > A 0 O E O e to search 远

Questor Applications paid $180,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $95,000, the building $76,000, and the equipment $19,000. Journalize the lump-sum purchase of the three assets for a total cost of $180,000, the amount for which the business signed a note payable. (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