Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $198,000; land improvements are appraised at $66,000; and the building is appraised at $176,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is not complete. 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 $ 198,000 45% x 368,550 66,000 15% × 368,550 176,000 40% x 368,550 S 440,000 100% $ 0.00

Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $198,000; land improvements are appraised at $66,000; and the building is appraised at $176,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is not complete. 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 $ 198,000 45% x 368,550 66,000 15% × 368,550 176,000 40% x 368,550 S 440,000 100% $ 0.00

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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