Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $400,140 for real estate with land, land improvements, and a building. Land is appraised at $202,500; land improvements are appraised at $45,000; and the building is appraised at $202,500. 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 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 Percent of Total Appraised Value Appraised Value Total Cost of -Apportioned Acquisition Cost S 0% 0.00 Required 1 Required 2 >

Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $400,140 for real estate with land, land improvements, and a building. Land is appraised at $202,500; land improvements are appraised at $45,000; and the building is appraised at $202,500. 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 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 Percent of Total Appraised Value Appraised Value Total Cost of -Apportioned Acquisition Cost S 0% 0.00 Required 1 Required 2 >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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