Rodriguez Company pays $380,000 for real estate plus $20,140 in closing costs. The...
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Rodriguez Company pays $380,000 for real estate plus $20,140 in closing costs. The real estate consists of land appraised at $235,000; land improvements appraised at $94,000, and a building appraised at $141,000. 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 Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals
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