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How to do journal entry to record the purchase for land

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Reference no: EM132490903

Question - Buying Land

Beaumont Company recently purchased some real estate that contained, land improvements (parking lot) and a building. Beaumont has the property appraised after the purchase. The information is below:

Land Purchase 375,927

Land Appraisal 175,000

Improvement appraisal 87,000

Building Appraisal 210,000

Question 1 - How to Allocate the total cost to the three assets

1) Asset Description for land, land improvements and for the building?

2) Appraisal Values for land, land improvements, and for the building?

3) Percent of Total Appraised Value x total acquisition cost = allocated cost for Land, for Land improvements, for the Building and what would the Totals be?

Question 2 - How to do Journal entry to record the purchase for Land? Land improvements? Building?

Reference no: EM132490903

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