Rodrigues company pays $389,610 for real estate with land improvements, and a building Land is appraised 225000 land improvements are appraised $75000 and a building is appraised at 2000,000 hapter 8 HomeworkSavedHelpSave & ExisCheckRodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $225,000; landimprovements are appraised at $75,000; and a building is appraised at $200,000.60'EpointsRequired:1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.eBookComplete this question by entering your answers in the tabs below.HintPrintReferencesRequired 1Required 2Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.)AppraisedValuePercent of TotalAppraisedValuex Total Cost ofAcquisition- ApportionedCostLandLand improvementsBuildingTotals0.0%0.00McGrawHill< Prev7 of 11Next >O Type here to searchESPUS Chapter 8 HomeworkSavedHelpSave & ExitCheck r7Required:1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.9.09Complete this question by entering your answers in the tabs below.polntseBookRequired 1Required 2HintAllocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.)PrintReferencesPercent of TotalAppraisedValueAppraisedValuex Total Cost ofAcquisition- ApportionedCostLandLand improvementsBuildingTotals0%0.00le dRequired 2 >McGrawHill< Pres7 of 11Next >P Type here to search

1.) Appraised value Percent of total appraised value x Total cost of acquisition =Apportioned…

Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $2 improvements are appraised at $75,000; and a building is appraised at $200,000. Required: 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition -Apportioned Cost Land Land improvements Building Totals

Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $2 improvements are appraised at $75,000; and a building is appraised at $200,000. Required: 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition -Apportioned Cost Land Land improvements Building Totals

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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1. A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was appraised at $105,000. What is the allocation of costs to the three assets? a. Land, $150,000; Land Improvements, $60,000; Building, $90,000 b. Land, $163,000; Land Improvements, $65,200; Building, $97,800 c. Land, $150,000; Land Improvements, $61,600; Building, $92,400 d. Land, $159,000; Land Improvements, $65,200; Building, $95,400 e. Land, $175,000; Land Improvements, $70,000; Building, $105,000
Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 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. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00
The president of ACCO 202 Corporation donated a building to Ana G. Méndez Corporation. The building had an original cost of $200,000, a book value of $75,000, and a fair market value of $180,000. To record this donation, Ana G. Méndez would a. Make a memorandum entry b. Debit Building for $75,000 and credit Gain for $75,000 c. Debit Building for $200,000 and credit Gain for $200,000 d. Debit Building for $180,000 and credit Gain for $180,000
In its first year of business, Coronado purchased land, a building, and equipment on March 5, 2023, for $636,000 in total. The land was valued at $269,400, the building at $336,750, and the equipment at $67,350. Additional information on the depreciable assets follows: Asset Building Equipment (a) Land Residual Value Building Your answer is correct. $ $25,200 $ 4,000 Equipment $ Useful Life in Years Allocate the purchase cost of the land, building, and equipment to each of the assets. 60 8 254400 318000 Depreciation Method 63600 Straight-line Double diminishing-balance
Millbourne corporation has acquired a property that includes both land and a building for $550,000. The corporation hired an appraiser who has determined that the market value of the land is $350,000 and that of the building is $480,000, at what amount should the corporation record the cost of land? A) $147,000 B) $363,000 C) $231,000 D) $275,000
Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,995,000. Harding paid $560,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $592,000; Building, $1,760,000 and Equipment, $1,168,000. What value will be reported for the land on the balance sheet? Note: Round intermediate percentage values to a whole percentage. Multiple Choice O O 00 $598,400 $339,150 $1,760,000 $1,161,600
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(294,000 ) (b) Payment for construction from note proceeds 294,000 (c) Cost of land fill and clearing 10,230 (d) Delinquent real estate taxes on property assumed by purchaser 7,990 (e) Premium on 6-month insurance policy during construction 11,280 (f) Refund of 1-month insurance premium because construction completed early (1,880 ) (g) Architect’s fee on building 26,210 (h) Cost of real estate purchased as a plant site (land $201,800 and building $54,800) 256,600 (i) Commission fee paid to real estate agency 8,660 (j) Installation of fences around property 3,810 (k) Cost of razing and removing building 11,840 (l) Proceeds from salvage of…
Rodriguez Company pays $373, 815 for real estate with land, land improvements, and a building. Land is appraised at $180,000; land improvements are appraised at $40,000; and the building is appraised at $ 180,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase.
Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $200,000; land improvements are appraised at $75,000; and the building is appraised at $ 225,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase.
Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $265,000; land improvements are appraised at $79,500; and the building is appraised at $185,500. 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 $ $ 265,000 79,500 185,500 530,000 Percent of Total x Total Cost of Appraised Value Acquisition 50% 15% 35% 100%
Rodriguez Company pays $384,345 for real estate with land, land improvements, and a building. Land is appraised at $234,000; land improvements are appraised at $52,000; and the building is appraised at $234,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.
Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $220,000; land improvements are appraised at $55,000; and the building is appraised at $275,000. 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 Appraised Value Percent of Total x Total Cost of Appraised Value Acquisition = Apportioned Cost