Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $250,000; land improvements are appraised at $50,000; 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.

Answer and Explanation:

The computation and the journal entry is shown below;

a. The allocation of the total cost among the three assets is shown below:  

                                      (a)                          (b)                      (a × b)  

    Appraise value      Total appraised      Total cost of      Apportioned  

                              value                                                          cost  

                              Percentage              acquisition  

Land  $250,000            50%                 $352,755                $176,377.5

Land  

improvemnts $50,000  10%                $352,755               $35,275.5  

Building $200,000          40%              $352,755              $141,102  

Total      $500,000

b. The journal entry to record the purchase is shown below:

Land   $176,377.5  

Land improvements $35,275.5  

Building     $141,102  

       To Cash $352,755

(To record the purchase)

 The asset is debited as it rise the assets and cash is credited as it decreased the assets

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