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Beaumont company recently purchased some real estate that contained, land improvements (parking lot) and a...

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Accounting

Beaumont company recently purchased some real estate that contained, land improvements (parking lot) and a building. Beaumont has the property appraised after the purchase. The information is below:

Land Purchase 375,927
Land Appraisal 175,000
Improvement appraisal 87,000
Building Appraisal 210,000
1 Allocate the total cost to the three assets
Asset Description Appraisal Values Percent of Total Appraised Value x total acquisition cost = allocated cost
Land
Land improvements
Building
Totals
1 Prepare the Journal entry to record the purchase
Debit Credit
Land
Land improvements
Building

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