Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $215,000; land improvements are appraised at $43,000; and the building is appraised at $172,000. 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.

Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $215,000; land improvements are appraised at $43,000; and the building is appraised at $172,000. 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.

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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