Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rodriguez company pays $347.490 for real estate wi

Rodriguez Company pays $347.490 for real estate with land, land improvements, and a building, Land...

90.2K

Verified Solution

Question

Accounting

image
image
Rodriguez Company pays $347.490 for real estate with land, land improvements, and a building, Land is appraised at $180,000; land Improvements are appraised at $90,000, and the building is appraised at $180,000 1. Allocate the total cost among the three 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 assets. (Round your "Apportioned Cont" answers to 2 decimal places) Appraised Value Percent of Total Appraised Value Total Cost of Apportioned Acquisition Cost $ 40,500 Land Land improvements Cala Manufacturing purchases land for $269,000 as part of its plans to build a new plant. The company pays $36,800 to tear down an old building on the lot and $54,400 to fill and level the lot. It also pays construction costs of $1761700 for the new building and $111,204 for lighting and paving a parking area. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash View transaction Hist Journal entry worksheet A Record the total costs of the plant assets. Nonto debits bort Prey 2 of 8 HIE Next > 48F 10:10 PM 11/18/200 Search

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

Finance
1.2K views

The U.S. Department of Agriculture donates $125 million of rice to North Korea. This is recorded on...

Physics
1.2K views

An 80-kg person stands at one end of a 130-kg boat. He then walks to the...

Accounting
1.2K views

On January 1, 2018, Access IT Company exchanged $910,000 for 40 percent of the outstanding voting...

Physics
1.2K views

An electric dipole is placed at origin O such that equator is y axis At...

Physics
1.2K views

7 A glass flask with volume 200 cm is filled to the brim with mercury...

Calculus
1.2K views

3x 42 if x 4 30 if x 4 3x 18 if x 4 Calculate...

Accounting
1.2K views

Recast the two selected financial statements and present the statements following/in accordance with...

Accounting
1.2K views

Please help!

Accounting
1.2K views

Weller Company's budgeted unit sales for next year are provided below: The company's variable selling...

Accounting
1.2K views

List the five elements of Internal Control; explain and give examples for each.

Accounting
1.2K views

Which of the following is difference between committed spendable resources and restricted spendable ? 2...

Finance
1.2K views

Adamson Corporation is considering four average-risk projects with the following costs and rates of return:...