Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; landimprovements are appraised at $69,000; and the building is appraised at $184,000.1. 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 2Allocate the total cost among the three assets.Note: Round your "Apportioned Cost" answers to 2 decimal places.LandLand improvementsBuildingAppraisedValuePercent of TotalAppraisedValue× Total Cost ofAcquisitionApportionedCost Rodriguez Company pays $352, 755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $69,000; and the building is appraised at $184,000. Allocate the total costamong the three assets. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2decimal places. \table[[ \table[[Appraised], [Value]],\table[[Percent of Total], [Appraised], [Value]],\table[[x Total Cost of], [Acquisition]],\table[[Apportioned], [Cost]]]. [Land,...]. [Land improvements...]. [Building....]]

Apportionment cost to assets refers to the process of distributing or allocating expenses or costs…

Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $69,000; and the building is appraised at $184,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $69,000; and the building is appraised at $184,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

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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