On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $552,200 for real estate plus $29,500 cash in closing costs. The real estate included land appraised at $243,950; land improvements appraised at $77,350; and a building appraised at $273,700. (a) PPE Asset Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 April 12, 2023 Land 243,950 Land improvements Building 77,350 260,400 Cash 581,700

On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $552,200 for real estate plus $29,500 cash in closing costs. The real estate included land appraised at $243,950; land improvements appraised at $77,350; and a building appraised at $273,700. (a) PPE Asset Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 April 12, 2023 Land 243,950 Land improvements Building 77,350 260,400 Cash 581,700

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On April 12, 2020, Prism Ltd., a camera lens manufacturer, paid cash of $559,400 for real estate plus $30,100 cash in closing costs. The real estate included land appraised at $210,350; land improvements appraised at $78,130; and a building appraised at $312,520. PPE Asset (a) Appraised Values (b) Ratio of Individual Appraised Value to Total Appraised Value (a) Total Appraised Value (c) Cost Allocation (b) x Total Actual Cost Present the journal entry to record the purchase. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the costs of lump-sum purchase.
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