Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is...

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Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $220,500; land improvements are appraised at $73,500; and the building is appraised at $196,000. 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. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Totals Appraised Value Percent of Total x Total Cost of Appraised Value Acquisition = Apportioned Cost < Required 1 Required 2 > Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $220,500; land improvements are appraised at $73,500; and the building is appraised at $196,000. 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. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Totals Appraised Value Percent of Total x Total Cost of Appraised Value Acquisition = Apportioned Cost < Required 1 Required 2 >

Answer rating: 100% (QA)

To allocate the total cost among the three assets land land improvements and building we first need to determine the percentage of the total appraised ... View the full answer