## Question

###### Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is...

Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $198.000: land Improvements are appraised at $44.000, and a building is appraised at $198.000 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! Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places) Appraised Value Percent of Total Appraised * Total Cost of Acquisition Apportioned C ost Land Land improvements Building Totals Required 2 >

## Answers

Appraised valuePercent of Total Appraised ValueX Total cost of acquisition= Apportioned costLand $198000 45% $352755 $158740 Land Improvements $44000 10% $352755 $35275 Building $198000 45% $352755 $158740 Total $440000 100% $352755 Explanation:

Allocation of total cost

Applying % to Cost Apportioned

CostLand $352755 × 0.45 $ 158740 Land improvements $352755 × 0.10 35275 Building $352755 × 0.45 158740 Totals $ 352755

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