2 Cheek mty work moda : Thi·hows whet is coreet or interrel\' fw the work you he

Question

2 Cheek mty work moda : Thi·hows whet is coreet or interrel' fw the work you heve completed te tot meses aer Rncdiguer Company pays $330,000 for real estate pus $12.490 in closing costs. The real estate consists of land appruied at 247500 land improvemerts approdwed at $82 500, and a balding apprised at $220000 2 t. Allocate the totadl cen aong the theee punchasnd ts 2 Psepare the journal entry to secord the punchase Hodngueg Company pays $330000 tor real enstals pan $12,490 n csin costs The real estale coreass of 1. Allocate the total cost among the theee parchased ansets 2. Prepye the jounal entry to recoed the parchhne ComSdete "his questio" br enterinq your answer, on the tabkiwr. Complete this question by emering your answers in the tabs the journel estry to recard the purchase (Hound your as te 2 decina 2 500

Explanation / Answer

Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition Apportioned Cost Land 247500 45% 347490 156370.50 Land improvements 82,500 15% 347490 52123.50 Building 2,20,000 40% 347490 138996.00 Totals 550000 100% 347490.00 Transaction General Journal Debit Credit 1 Land 1,56,370.50 Land improvements 52,123.50 Building 1,38,996.00 Cash 3,47,490.00

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