On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $555,800 for real estate plus $29,800 cash in closing costs The real estate included land appraised at $227,240; land improvements appraised at $59,800, and a building appraised at $310,960. PPE Asset Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value: (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 April 12, 2023 Land 222,489 Land improvements 58,706 304,405 Building

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $555,800 for real estate plus $29,800 cash in closing costs
The real estate included land appraised at $227,240; land improvements appraised at $59,800, and a building appraised at $310,960.
PPE Asset
Appraised
Values
(b)
Ratio of Individual Appraised Value to
Total Appraised Value
(a) Total Appraised Value:
(c)
Cost Allocation
(b) x Total Actual
Cost
Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest
whole dollar.)
View transaction list
View journal entry worksheet
No
Date
General Journal
Debit
Credit
1
April 12, 2023
Land
222,489
Land improvements
58,706
304,405
Building
Transcribed Image Text:On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $555,800 for real estate plus $29,800 cash in closing costs The real estate included land appraised at $227,240; land improvements appraised at $59,800, and a building appraised at $310,960. PPE Asset Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value: (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 April 12, 2023 Land 222,489 Land improvements 58,706 304,405 Building
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