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Connect urnUrl https%3A%2F%2Fconnect.mheducation.com%2Fpaamweb%2Findex.htm1%23%2Fregstration%2Fsignup% Secure http://new connect mhed cation.com/flow connect.html?sReg true&ret; Help Save & CHAPTER 8 HOMEWORK 6 Saved Ch 2 Rodriguez Company pays $310,000 for real estate plus $16,430 in closing costs. The real estate consists of land appraised at $240,000: land improvements appraised at $96.000; and a building appraised at $144,000 10 points Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase eBook Hint Pint References Complete this question by entering your answers in the tabs below Required Required 2 Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Apportioned Cost Appraised Percent of Total k Total Cost of : Value Appraised Value Acquisition x 326,430 x 326,430 x 326,430 50% Land Land improvements Building Totals $ 240,000 96,000 144,000 $ 480,000 20% 116% 0.00 Required 2> Graw

Explanation / Answer

Calculate total cost among the three purchased assets :

Journal entry :

Appraised value percent of total appraised value Total cost of acquisition Apportioned cost land 240000 50% 326430 163215 Land improvements 96000 20% 326430 65286 Building 144000 30% 326430 97929 Total 480000 100% 326430

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