Rodriguez Company pays $375,280 for real estate plus $20,100 in closing costs. The real estate consists of
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Rodriguez Company pays $375,280 for real estate plus $20,100 in closing costs. The real estate consists of land appraised at $157,040; land improvements appraised at $58,890; and a building appraised at $176,670. Allocate the total cost among the three purchased assets and prepare the journal entry to record the purchase.
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Purchase price 375280 Closing costs 20100 Total cost of acquisition 395380 Allocation of total c...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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