Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Land is appraised at $245,000; land improvements are appraised at $73,500; and the building is appraised at $171,500. 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Land Land improvements Building Totals Appraised Value x Total Cost of = Apportioned Acquisition Cost
Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Land is appraised at $245,000; land improvements are appraised at $73,500; and the building is appraised at $171,500. 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Land Land improvements Building Totals Appraised Value x Total Cost of = Apportioned Acquisition Cost
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section: Chapter Questions
Problem 3AP
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