Rodriguez Company pays $315,000 for real estate plus $16,695 in closing costs. The real estate...
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Rodriguez Company pays $315,000 for real estate plus $16,695 in closing costs. The real estate consists of land appraised at $260,000; land improvements appraised at $78,000; and a building appraised at $182,000. Required: 1. Allocate the total cost among the three purchased 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 total ost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal Alle te th places.) Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals $ 0 0% $ 0.00 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 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
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