Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 8 q 2 rodriguez company pays $310,000 for real

8 Q 2 Rodriguez Company pays $310,000 for real estate plus $16,430...

60.1K

Verified Solution

Question

Accounting

8 Q 2

image

image

Rodriguez Company pays $310,000 for real estate plus $16,430 in closing costs. The real estate consists of land appraised at $188,000; land improvements appraised at $70,500; and a building appraised at $211,500. 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 Appraised x Total Cost of -Apportioned Acquisition Cost Value Land Land improvements Building Totals

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Electrical Engineering
1.2K views

We wish to install a residential solar array at location Lat 400 N; Long 900W with...

Statistics
1.2K views

Complete parts a through d for the sampling distribution of the sample mean shown in...

Calculus
1.2K views

39 Demand The daily demand x for a certain product in hundreds of pounds is...

Algebra
1.2K views

Find a polynomial with real coefficients of the specified degree that has the given zeros.Degree...

Accounting
1.2K views

Lease or Sell equipment would total $42,000 over the four-year lease. This...

Accounting
1.2K views

Fanning Company established a predetermined fixed overhead cost rate of $29...

Accounting
1.2K views

This year, Lauren sold several shares of stock held for investment. As a result of...

Accounting
1.2K views

The interest paid on Josephine Youngs personal residence for the year 2016 totals $4,800; the...

Accounting
1.2K views

Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land...

Accounting
1.2K views

As a general rule, an acceptance must be always communicated in order to form an...

Accounting
1.2K views

Carole, age 38, is single and works as a physical therapist. She is covered by...

Accounting
1.2K views

can you explain how to get answer The shareholders' equity section...