Diego Company paid $181,000 cash to acquire a group of items consisting of land appraised at $40,400 and a building appraised at $161,600. Allocate total cost to these two assets and prepare an entry to record the purchase.
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Diego Company paid $181,000 cash to acquire a group of items consisting of land appraised at $40,400 and a building appraised at $161,600. Allocate total cost to these two assets and prepare an entry to record the purchase.
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- A Record costs of lump-sum purchase. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,000. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Prepare an entry to record the purchase. View transaction list Journal entry worksheet A Record costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View generalDiego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,00O. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Prepare an entry to record the purchase. View transaction list Journal entry worksheet A Record costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View genera Total Cost General Journ
- Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,000. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Allocate total cost to these two assets. Percent of Total Apportioned Cost Land Building TotalsRodriguez Company pays $384,345 for real estate with land, land improvements, and a building. Land is appraised at $234,000; land improvements are appraised at $52,000; and the building is appraised at $234,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890; and the building is appraised at $176,670. Allocate the total cost among the three assets and prepare the journal entry to record the purchase.
- Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; improvements are appraised at $58,890and a building is appraised at $176,670. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.Shahia Company bought a building for $88,000 cash and the land on which it was located for $111,000 cash. The company paid transfer costs of $16,000 ($8,000 for the building and $8,000 for the land). Renovation costs on the building before it could be used were $15,000. 8-3 Part 1 equired: Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transaction ere for cash and that all purchases occurred at the start of the year. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No 1 Transaction a Building Land Cash General Journal DHOL S Debit 5 — Credit Next ⒸRodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $212,000; land improvements are appraised at $106,000; and the building is appraised at $212,000. 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 Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals Required 1 Required 2 >
- White purchased land with a current market value of $144,000, a building with a market value of $18,000, and equipment with a market value of $18,000. Journalize the lump-sum purchase of the three assets purchased for a total cost of $170,000 in exchange for a note payable. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Land Building Equipment Notes payableRodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890, and the building is appraised at $176,670. 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. Land Land improvements Building Totals Appraised Value 5 0 Percent of Total Appraised Value 0% Total Cost of Acquisition -Apportioned Cost Required 2 >Unilever acquires land for $86,000 cash. Additional costs are as follows: removal of shed $300, broker commission $1,530, paving of parking lot $10,000, gardening $1,500, closing costs $560, and a salvage value of lumber of shed $120. Unilever will record the acquisition cost of the land as: