Rodriguez Company pays $342,225 for real estate withland, land improvements, and a building. Land is appraisedat $212,000; land improvements are appraised at$106,000; and the building is appraised at $212,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.Complete this question by entering your answersRequired 1Required 2Prepare the journal entry to record the purchase. (Rounplaces.)View transaction listJournal entry worksheetARecord the costs of lump-sum purchase.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1Record entryClear entryView general Rodriguez Company pays $342,225 for real estate withland, land improvements, and a building. Land is appraisedat $212,000; land improvements are appraised at$106,000; and the building is appraised at $212,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.Complete this question by entering your answersRequired 1Required 2Allocate the total cost among the three assets. (Roundanswers to 2 decimal places.)Percent of TotalAppraisedValueAppraisedValuex Total Cost ofAcquisition= ApportionedCostLandLand improvementsBuildingTotalsRequired 1Required 2>

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Description: Rodriguez Company pays $342,225 for real estate withland, land improvements, and a building. Land is appraisedat $212,000; land improvements are appraised at$106,000; and the building is appraised at $212,000.1. Allocate the total cost among the thr

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Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $212,000; land improvements are appraised at $106,000; and the building is appraised at $212,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $212,000; land improvements are appraised at $106,000; and the building is appraised at $212,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 7E: Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for...

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