Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building. Land is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building. Land is appraised at $234,000; land improvements are appraised at $104,000; and the building is appraised at $182,000. 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals < Required 1 Required 2 > Required 1 Required 2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet A > Record the costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building. Land is appraised at $234,000; land improvements are appraised at $104,000; and the building is appraised at $182,000. 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals < Required 1 Required 2 > Required 1 Required 2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet A > Record the costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
Expert Answer:
Answer rating: 100% (QA)
Allocation Appraised value Percent of total appraised value total cos... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
Prepare the journal entry to record income taxes on December 31, 2011, assuming that Turner Corporations income tax expense is $35,000 and that it owes $30,000 in income taxes to the government....
-
Air flows through the fine mesh gauze shown in the figure below with an average velocity of 1.50 m/s in the pipe. Determine the loss coefficient for the gauze. KL= i 8.1mm V = 1.5 m/s Water Gauze...
-
Explain the relationships among the initial assessed control risk, tests of controls and substantive tests of transactions for cash disbursements, and the tests of details of cash balances. Give one...
-
A stock has a current price of $132.43. For a particular European put option that expires in three weeks, the probability of the option expiring in-the-money is 63.68 percent and the annualized...
-
Match each item in the value chain, 1 through 7, with an example of an artificial intelligence initiative, choosing from items \(a\) through \(g\). Value Chain 1. Research and development Artificial...
-
Herron Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 730 with a beginning balance of $10,400, and Job 731 with a beginning...
-
Independently answer the following essay questions using your own words. Compare and contrast the differences involved between purely domestic logistics operations and the challenges of global...
-
1. Describe the characteristic traits of leadership at GE. How would you describe Flannerys leadership style? 2. Do you believe that leadership style and connection with employees can influence...
-
Suppose a company will go out of business in two years. The company is expected to pay a $8 dividend one year from now and a $10 dividend two years from now (immediately before it goes out of...
-
AE Ltd incurred $831,000 of fixed overhead during the period. During that same period, the company applied $850,000 of fixed overhead to production and reported a favourable budget variance of...
-
Define the strategic objectives you want to establish and propose financial measures for the Real Madrid
-
What might Ms. Brooks do to correct the financial problems? Please be as specific as you can in outlining a course of action that you believe she should follow.
-
Marsh Inc. originally purchased equipment on April 30, 2016, for $155,000. The salvage value is 13% of the purchase price. The company uses double declining depreciation, and the number of useful...
-
1. In the overall analysis of External costs, explain he generalization of the majority of the project decisions according to cost accounting 2.analyse the profitability measures regarding the time...
-
Provide two implementations of maxPriorityQueue, one with a sorted array, the other with an unsorted array. We have discussed these two implementations in a class. For example, with the initially...
-
When an electric field is applied to a shallow bath of vegetable oil, why do tiny bits of thread floating in the oil align with the field like compasses in a magnetic field?
-
Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1. On July 31, the companys records show the following selected accounts and amounts for the month of...
-
Use the information in QS 2-12 to prepare a June statement of owners equity for Lawson Consulting. The owners capital account balance at June 1 was $0, and the owner invested $10,000 cash in the...
-
Refer to the information in Problem 23-1A. Phoenix Companys actual income statement follows. Required 1. Prepare a flexible budget performance report for 2019. 2. Compute both the (a) sales variance...
-
A blank income statement for Wightmans Lumber is included in the Working Papers. 1. Use the following information to prepare Wightman Lumbers January income statement reporting contribution margin....
-
An income statement for Cheries Pizza is included in the Working Papers. 1. Use the following information to calculate the breakeven point in sales dollars and unit sales for July. The August...
-
Use the working papers and data from Work Together 15-2. Forms for completing this Work Together are provided in the Working Papers. Your instructor will guide you through the following examples. 1....
Study smarter with the SolutionInn App