1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tia_tia [17]
3 years ago
10

Rodriguez Company pays $310,000 for real estate plus $16,430 in closing costs. The real estate consists of land appraised at $21

5,000; land improvements appraised at $86,000; and a building appraised at $129,000.Required:1. Allocate the total cost among the three purchased assets.2. Prepare the journal entry to record the purchase.
Business
1 answer:
Sergeeva-Olga [200]3 years ago
6 0

Answer:

Required 1.

Land =  $163,215

Land improvements = $65,286

Buildings =  $97,929

Required 2.

Land  $163,215 (debit)

Land improvements $65,286 (credit)

Buildings $97,929 (credit)

Cash $310,000 (credit)

Explanation:

Allocation of the purchase cost must be made on the bases appraisal value.

Total Appraisal Value =  $215,000 + $86,000 + $129,000

                                    =  $430,000

Land = $215,000 /  $430,000 × $326,430

        = $163,215

Land improvements =  $86,000 / $430,000 × $326,430

                                 = $65,286

Buildings = $129,000 / $430,000 × $326,430

                = $97,929

You might be interested in
superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct
weeeeeb [17]

Answer:

h

Explanation:

5 0
3 years ago
Jamie received a bonus of $3,000. She decided to deposit the money in a savings account that earns 3.5% compounded daily for 180
alex41 [277]

The compound amount recieved by Jamie after 180 days is $1,466,844.98

Explanation:

We know that money in any sort of banking account earns interests in a compounding manner.

Amount at the end of time “x” is given by A= P(1+R/100) ˣ

Where A= amount after the said time period

P= Principal

R= Rate  

x= time period

One must note that “x” and “R” must be in same time-frame i.e. if the rate is compounded daily, time period must be considered daily and so on.

Substituting the values of P as $ 3000, R as 3.5%, and x as 180

Amount after 180 days= 3000 (1+3.5/100) ¹⁸⁰

Amount= $1,466,844.98

Thus, the amount is $1,466,844.98

7 0
3 years ago
A personal characteristic that fosters organizational politics is a) the desire to help. b) need for power. c) drive to be a vis
DanielleElmas [232]

Answer: b) need for power.

Explanation:

Organizational politics are activities that people engage in to be able to further their personal interests even if these interests are not always in the best interest of the company itself.

To be able to further their interests, they need power and influence which means that the personal characteristic that fosters organizational politics is the need to have power.

7 0
3 years ago
If a certain country considered handshakes in business transactions to be taboo and preferred to use nodding, this would be an e
MAVERICK [17]

Answer: Cultural forces

Explanation:

This is an influencing system which exist within certain population that steer business practices and/or purchasing behavior.

8 0
3 years ago
What is the formula for measuring price elasticity of demand? percentage change in price / percentage change in quantity demande
Nostrana [21]
Market value increase demand of sales
8 0
3 years ago
Other questions:
  • Suppose there are 100 consumers in the computer speaker market, each with an identical demand curve given by Qi = 10 – 0.1P, whe
    15·1 answer
  • Assume that the plaintiff was 60 percent responsible for his own injuries. He would be able to recover the 40 percent of his inj
    7·1 answer
  • Matt purchases 4 boxes of spinach and 3 pounds of tomatoes per month when the price of spinach is $1.50 per box. He purchases 5
    14·2 answers
  • Why did the AFL-CIO break up?
    6·2 answers
  • The following information relates to a product produced by Orca Company: Fixed selling costs are $1,000,000 per year. Although p
    6·1 answer
  • a manfucturing firm is considering two locations for a plant to producr a new product. Location A has a foxed cost of 80,000 and
    14·1 answer
  • Ehler Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During th
    10·1 answer
  • Certify Completion Icon Tries remaining:3 Suppose that you and a friend are playing cards and you decide to make a friendly wage
    8·1 answer
  • Gato Inc. had the following inventory situations to consider at January 31, its year-end. (a1) Identify which of the following i
    10·1 answer
  • Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for e
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!