Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 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

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Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land
improvements are appraised at $63,000; and the building is appraised at $168,000.
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.
Note: Round your "Apportioned Cost" answers to 2 decimal places.
Appraised
Value
Percent of Total
Appraised
Value
x Total Cost of
Acquisition
= Apportioned
Cost
Land
$
189,000
45%
Land improvements
63,000
15%
Building
168,000
40%
Totals
$
420,000
100%
<Required 1
$
Required 2 >
0.00
Transcribed Image Text:Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 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. Note: Round your "Apportioned Cost" answers to 2 decimal places. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% <Required 1 $ Required 2 > 0.00
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