FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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2
Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building Land is appraised at $193,500, land
improvements are appraised at $86,000, and the building is appraised at $150,500.
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
Percent of Total
Appraised
Value
Total Cost of
Acquisition
Apportioned
Cost
0%
Required 1
S
0.00
Required 2 >
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Transcribed Image Text:2 Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building Land is appraised at $193,500, land improvements are appraised at $86,000, and the building is appraised at $150,500. 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 Percent of Total Appraised Value Total Cost of Acquisition Apportioned Cost 0% Required 1 S 0.00 Required 2 >
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