On April 12, 2020, Prism Ltd.., a camera lens manufacturer, paid cash of $570,200 for real...

 

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On April 12, 2020, Prism Ltd.., a camera lens manufacturer, paid cash of $570,200 for real estate plus $31,000 cash in closing costs. The real estate included land appraised at $244,000, land improvements appraised at $61,000, and a building appraised at $305,00. (a) (b) Ratio of Individual Appraised Value to Total Appraised Value (a) + Total Appraised Value (c) Cost Allocation (b) x Total Actual Cost Appraised Values PPE Asset Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the neerest whole doller.) View transaction list Journal entry worksheet Record the costs of lump-sum purchase. Notei Enter debts before credits. On April 12, 2020, Prism Ltd.., a camera lens manufacturer, paid cash of $570,200 for real estate plus $31,000 cash in closing costs. The real estate included land appraised at $244,000, land improvements appraised at $61,000, and a building appraised at $305,00. (a) (b) Ratio of Individual Appraised Value to Total Appraised Value (a) + Total Appraised Value (c) Cost Allocation (b) x Total Actual Cost Appraised Values PPE Asset Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the neerest whole doller.) View transaction list Journal entry worksheet Record the costs of lump-sum purchase. Notei Enter debts before credits.

Answer rating: 100% (QA)

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