Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $42,000; and the building is appraised at $189,000. 1. A 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 t
Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $42,000; and the building is appraised at $189,000. 1. A 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 t
Chapter1: Financial Statements And Business Decisions
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Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land
improvements are appraised at $42,000; and the building is appraised at $189,000.
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. (Round your "Apportioned Cost" answers to 2 decimal places.)
Percent of Total
Appraised
Value
Land
Land improvements
Building
Totals
Appraised
Value
$
$
189,000
42,000
189,000
420,000
0%
* Total Cost of
Acquisition
= Apportioned
Cost
$
0.00
Required 2 >
Transcribed Image Text:Required 1 Required 2
Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.)
View transaction list
Journal entry worksheet
A
Record the costs of lump-sum purchase.
Note: Enter debits before credits.
Transaction
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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