Question: please help me solve this, the results I'm getting are incorrect Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building.

Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $255,000 improvements are appraised at $76,500, and a building is appraised at $178,500. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is not complete. 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. Appraised Value Percent of Total Appraised * Total Cost of = Apportioned Cost 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.) Appraised Value Percent of Total Appraised Value 50% = Apportioned Cost $ x Total Cost of Acquisition * 347,490 * 347,490 * 347.490 Land Land improvements Building Totals 15% $ 255,000 76,500 178,500 $ 510,000 173,745.00 52, 123.00 121,622.00 347,490.00 X 35% 100% Required 1 Required 2 >
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
