A building with an appraisal value of $132,331 is made available at an offer price of $151,729. The purchaser acquires the property for $35,281 in cash, a 90-day note payable for $28,200, and a mortgage amounting to $57,872. The cost basis recorded in the buyer's accounting records to recognize this purchase is

V6.  A company purchases land, building and equipment for $1,500,000. An independent appraisal shows that the best available indications of fair value at the time of purchase are: land: $760,000; building: $540,000; and equipment: $320,000. The purchase is financed through long-term debt. Required: Prepare the journal entry to record the purchase Prepare the journal entry to record the purchase:

What is the maximum price you would be willing to pay for the business? If an investor group purchased the restaurant near the campus for $255, 867 and the fair value of the assets they acquired was $202,000, identify the account along with its balance, that is used to record the additional amount paid over the fair value of the assets.

RenFair Clothing purchased land, paying $80,000 cash and signing a $220,000 note payable. In addition, RenFair Clothing paid delinquent property tax of $1,500, title insurance costing $800, and $4,000 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land

A4

Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $164,000; land improvements are appraised at $82,000; and the building is appraised at $164,000. 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 Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2

Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 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. Note: Round your "Apportioned Cost" answers to 2 decimal places. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00

Required information (The following information applies to the questions displayed below.) Rodriguez Company pays $335,000 for real estate plus $17,755 in closing costs. The real estate consists of land appraised at $196,000; land improvements appraised at $68,600; and a building appraised at $225,400. Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the costs of lump-sum purchase.

Advanced Automotive pays $270,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $30,000, the building's current market value is $210,000, and the equipment's current market value is $60,000. Prepare a schedule allocating the purchase price of $270,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Prepare a schedule allocating the purchase price of $270,000 to each of the individual assets purchased based on their relative market values, then journalize the lump-sum purchase of the three assets. The business signs a note payable for the purchase price. Begin by preparing a schedule allocating the purchase price of $270,000. (Do not enter the % sign within the input fields of the Percentage of Total Market column.) Asset Land Building Equipment Total Market…

Red River Bakery purchases land, building, and equipment for a single purchase price of $260,000. However, the estimated fair values of the land, building, and equipment are $126,000, $198,000, and $36,000, respectively, for a total estimated fair value of $360,000.   Required: Determine the amounts Red River should record in the separate accounts for the land, the building, and the equipment.