Rodriguez Company pays $405,405 for real estate withland, land improvements, and a building. Land is appraisedat $238,500; land improvements are appraised at$79,500; and the building is appraised at $212,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.Complete this question by entering your answersRequired 1Required 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 JournalDebitCreditRecord entryClear entryView general

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Description: Rodriguez Company pays $405,405 for real estate withland, land improvements, and a building. Land is appraisedat $238,500; land improvements are appraised at$79,500; and the building is appraised at $212,000.1. Allocate the total cost among the thre

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Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $79,500; and the building is appraised at $212,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $79,500; and the building is appraised at $212,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

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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