Business, 13.07.2020 19:01, selfiegymnast

Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $202,500; land improvements are appraised at $67,500; and a building is appraised at $180,000.Required:1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.

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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate...