Rodriguez Company pays $358,020 for real estate withland, land improvements, and a building. Land is appraisedat $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 answersRequired 1 Required 2Allocate the total cost among the three assets. (Roundanswers to 2 decimal places.)AppraisedValuePercent of TotalAppraisedValuex Total Cost of = ApportionedAcquisitionCostLandLand improvementsBuildingTotalsRequired 2< Required 1> Rodriguez Company pays $358,020 for real estate withland, land improvements, and a building. Land is appraisedat $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 answersRequired 1 Required 2Prepare the journal entry to record the purchase. (Rourplaces.)View transaction listJournal entry worksheetARecord the costs of lump-sum purchase.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1Record entryClear entryView genera

Percent of total appraised value for land = Total appraised value/Appraised value of land

Rodriguez 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

Rodriguez 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

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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A-2
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Subject :- Accounting
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