Dhapa On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $566,600 for real estate plus $30,700 cash in closing costs.The real estate included land appraised at $176,030; land improvements appraised at $84,980; and a building appraised at $345,990.(b)PPE Asset(a)AppraisedValues(c)Ratio of Individual Appraised Value to(a) Total Appraised ValueCost Allocation(b) Total ActualCostTotal Appraised ValuePresent the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearestwhole dollar.)View transaction listJournal entry worksheet< 1Record the costs of lump-sum purchase.Note: Enter debits before credits.DateApril 12, 2023General JournalDebitCredit

COST ALLOCATIONWhen item of cost are Identifiable directly with some products or departments such…

On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $566,600 for real estate plus $30,700 cash in closing costs. The real estate included land appraised at $176,030; land improvements appraised at $84,980; and a building appraised at $345,990. (b) PPE Asset (a) Appraised Values (c) Ratio of Individual Appraised Value to Cost Allocation Total Appraised Value (a) Total Appraised Value (b) Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the costs of lump-sum purchase. Note: Enter debits before credits. Date April 12, 2023 General Journal Debit Credit >

On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $566,600 for real estate plus $30,700 cash in closing costs. The real estate included land appraised at $176,030; land improvements appraised at $84,980; and a building appraised at $345,990. (b) PPE Asset (a) Appraised Values (c) Ratio of Individual Appraised Value to Cost Allocation Total Appraised Value (a) Total Appraised Value (b) Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the costs of lump-sum purchase. Note: Enter debits before credits. Date April 12, 2023 General Journal Debit Credit >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $555,800 for real estate plus $29,800 cash in closing costs The real estate included land appraised at $227,240; land improvements appraised at $59,800, and a building appraised at $310,960. PPE Asset Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value: (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 April 12, 2023 Land 222,489 Land improvements 58,706 304,405 Building
Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $245.000; land improvements are appraised at $73,500; and a building is appraised at $171,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.
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Rodriguez 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 $352, 755 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $69,000; and the building is appraised at $184,000. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. \table[[ \table[[Appraised], [Value]],\table[[Percent of Total], [Appraised], [Value]],\table[[x Total Cost of], [Acquisition]],\table[[Apportioned], [Cost]]]. [Land,...]. [Land improvements...]. [Building....]]
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Rodrigues company pays $389,610 for real estate with land improvements, and a building Land is appraised 225000 land improvements are appraised $75000 and a building is appraised at 2000,000
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