On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $552,375 for real estate
Question:
On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $552,375 for real estate plus $29,400 cash in closing costs. The real estate included land appraised at $249,480; land improvements appraised at $83,160; and a building appraised at $261,360.
Prepare a calculation similar to the table below showing the allocation of the a total cost among the three purchased assets and present the journal entry to record the purchase.
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Allocation of total cost a PPE Asset Land Land Impr Bui...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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