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

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Accounting

8 Q 2

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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

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