Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $270,000; land Improvements are appraised at $81,000; 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. 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 $ 0 Percent of Total Appraised Value 0% * Total Cost of Acquisition Required 1 - Apportioned Cost $ 0.00 Required 2 >
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $270,000; land Improvements are appraised at $81,000; 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. 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 $ 0 Percent of Total Appraised Value 0% * Total Cost of Acquisition Required 1 - Apportioned Cost $ 0.00 Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1
Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $270,000; land
improvements are appraised at $81,000; 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.
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
0
Percent of Total
Appraised
Value
0%
* Total Cost of
Acquisition
< Required 1
= Apportioned
Cost
0.00
Required 2 >
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