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Problem - Applegate Company purchased land real estate for $676,000. It paid $85,000 cash and incurred a mortgage payable of $590,000. Legal fees of $1500 were paid in cash. The real estate included land that was appraised at $466,000, building appraised at $192,000 and fences and other land improvements appraised at $45,000. The buildings have an estimated useful life of 40 years and a $20,000 residual value. Land improvements have an estimated 10-year useful life and no residual value.
Required -
a. Calculate the cost that should be allocated to each asset purchased.
b. Record the purchase of the real estate (prepare the journal entry).
c. Calculate the annual amortization expense for the buildings and land improvements assuming Applegate uses straight-line amortization.
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