Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $198,000; land improvements are appraised at $66,000; and the building is appraised at $176,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is not complete. 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 $ 198,000 45% x 368,550 66,000 15% × 368,550 176,000 40% x 368,550 S 440,000 100% $ 0.00
Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $198,000; land improvements are appraised at $66,000; and the building is appraised at $176,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is not complete. 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 $ 198,000 45% x 368,550 66,000 15% × 368,550 176,000 40% x 368,550 S 440,000 100% $ 0.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rahul
Transcribed Image Text:Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $198,000; land
improvements are appraised at $66,000; and the building is appraised at $176,000.
1. Allocate the total cost among the three assets.
2. Prepare the journal entry to record the purchase.
Answer is not complete.
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.
Appraised
Value
Percent of
Total
Appraised
Value
× Total
Cost of
Acquisition
= Apportioned
Cost
Land
S
198,000
45%
* 368,550
Land
66,000
15%
× 368,550
improvements
Building
176,000
40%
x 368,550
Totals
$ 440,000
100%
$
0.00
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