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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $355,000 for real...

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Accounting

Exercise 8-3 Lump-sum purchase of plant assets LO C1

Rodriguez Company pays $355,000 for real estate plus $18,815 in closing costs. The real estate consists of land appraised at $180,000; land improvements appraised at $90,000; and a building appraised at $180,000. Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase.

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Required 1 Required 2 Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total | x Total Cost of Apportioned Cost Value Acquisition Value Land Land improvements Building Totals 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 Record entry Clear entry View general journal

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