CHAPTER 8 HOMEWORK 2 Rodriguez Company pays $345,000 for real estate plus $18,28
ID: 2601502 • Letter: C
Question
CHAPTER 8 HOMEWORK 2 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 appralsed at $78,000; and a building appraised at $182,000. Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase. 10 Complete this question by entering your answers in the tabs below Hint Print Required 1Required 2 Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total 1 x Total Cost of I -Apportioned Cost Appraised Value Appraised Value Acquisition 363,285 s x 363,285 x 363,285 S 260,0 181 642 78,000 182,000 S 520,000 15% 35% 100% 54,492.75 127,149 75 383,285.00 Totals Required 2 ENext Connect Chegg Study Guided Sc c Secure l https://newconnect.mheducation.com/flow/connect.html CHAPTER 8 HOMEWORK 2 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 appralsed 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. Complete this question by entering your answers in the tabs below Hint Print Required 1 Required 2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet Credit General Journal CashExplanation / Answer
Requirement 2
No. Transaction General Journal Debit Credit 1 1 Land 181642.50 Land improvements 54492.75 Building 127149.75 Cash 363285.00 (To record purchase of real estate)