Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $368,550 for real estate...

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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $21,500; land improvements are appraised at $47,000,; and a building is appraised at $211,500. Required: 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 the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Appralsed Value Percent of Total Appraised Value x Total Cost of Acquisition Apportioned Cost Land Land improvements Building Totals Hequired 1 Required 2 > Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $211,500; land improvements are appraised at $47,000; and a building is appraised at $211,50o. Required: 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 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet A Record the costs of lump-sum purchase. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $21,500; land improvements are appraised at $47,000,; and a building is appraised at $211,500. Required: 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 the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Appralsed Value Percent of Total Appraised Value x Total Cost of Acquisition Apportioned Cost Land Land improvements Building Totals Hequired 1 Required 2 > Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $211,500; land improvements are appraised at $47,000; and a building is appraised at $211,50o. Required: 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 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet A Record the costs of lump-sum purchase. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal

Answer rating: 100% (QA)

1 A B A x B Appraised Value Perntage of Total Appraised Value x Total cost of Acquisi... View the full answer