Question

Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $238,500, land improvements are appraised at $106,000, and a building is appraised at $200,000. Required: 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 Cost" answers to 2 decimal places.) Appraised d Value Percent of Total x Total Cost of Appraised Value Acquisition - Apportioned Cost Land Land improvements Building Totals 01 $ 0.00 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

Answer 1

The answer to the question is  Land improvements Building Totals Dr. Cr. ,Appraised Value Percent of Total Total Cost of Appraised Value Acquisition - Apportioned Cost

Land $238,500 59.4% $209,913.13

Land improvements $106,000 26.7% $93,109.80

Building $200,000 50.9% $172,732.07

Totals $352,755 100.0% $352,755.00

Answer 2 : Journal entry worksheet Record the costs of lump-sum purchase. Land Dr. $209,913.13

Land improvements Dr. $93,109.80

Building Dr. $172,732.07

Totals Dr. $475,755.00

Cash Cr. $475,755.00

In order to document a business transaction in the accounting records of the company, a journal entry is employed. A journal entry is often made in the general ledger, but it can also be made in a subsidiary ledger and subsequently rolled forward into the general ledger after being summarised. After then, the general ledger is utilised to produce the company's financial statements.

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