On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $560,600 for real estate plus $30,200 cash in closing costs The real estate included land appraised at $204,680; land improvements appraised at $72,240; and a building appraised at $325,0 PPE Asset No Date Appraised Values April 12 2023 Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the neares whole dollar.) (b) Land Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value General Journal (c) Cost Allocation (b) x Total Actual Cost ✔ Debit 204,680 X Credit

On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $560,600 for real estate plus $30,200 cash in closing costs The real estate included land appraised at $204,680; land improvements appraised at $72,240; and a building appraised at $325,0 PPE Asset No Date Appraised Values April 12 2023 Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the neares whole dollar.) (b) Land Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value General Journal (c) Cost Allocation (b) x Total Actual Cost ✔ Debit 204,680 X Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...

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