do not give solution in image format cesRodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $189,000; landimprovements are appraised at $42,000; and the building is appraised at $189,000.1. 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. (Round your "Apportioned Cost" answers to 2 decimal places.)Percent of TotalAppraisedValueLandLand improvementsBuildingTotalsAppraisedValue$$189,00042,000189,000420,0000%* Total Cost ofAcquisition= ApportionedCost$0.00Required 2 > Required 1 Required 2Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.)View transaction listJournal entry worksheetARecord the costs of lump-sum purchase.Note: Enter debits before credits.TransactionRecord entryGeneral JournalClear entryDebitCreditView general journal

Lets understand the basics. When land and building is purchased for lumpsum consideration then…

Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $42,000; and the building is appraised at $189,000. 1. A 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 t

Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $42,000; and the building is appraised at $189,000. 1. A 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 t

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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