Secure https//newconnectmneaucaioh.coowconnecth Saved CHAPTER 8 HOMEWORK 6 Rodri

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Secure https//newconnectmneaucaioh.coowconnecth Saved CHAPTER 8 HOMEWORK 6 Rodriguez Company pays $345,000 for real estate plus $18.285 in closing costs. The real estate consists of land appraised at $260,000; land improvements appraised at $78,000; and a building appraised at $182.000. 10 points Required 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase. eBook Complete this question by entering your answers in the tabs below Hint Print Required 1 Required 2 References nswers to 2 decimal places.) Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" a Appraised Percent of Total x Total Cost ofApportioned Cost Value Appraised Value Acquisition Land Land improvements Building Totals $260,000 8,000 182,000 S 520,000 x 363,285 x 363,285 363,285 15% 15%) 0.00 Required 2 Mc Graw Pre 2 of 18 Next

Explanation / Answer

Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition Apportioned Cost Land 260000 50% 363285 181642.50 Land improvements 78,000 15% 363285 54492.75 Building 182,000 35% 363285 127149.75 Totals 520000 100% 363285 Transaction General Journal Debit Credit 1 Land 181,642.50 Land improvements 54,492.75 Building 127,149.75 Cash 363,285.00

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