Solved: The real estate consists of land appraised at 157040 land, Accounting Basics

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The real estate consists of land appraised at 157040 land

Liltua Company pays $ 375,280 for real estate plus $ 20,100 in closing costs. The real estate consists of land appraised at $ 157,040; land improvements appraised at $ 58,890; and a building appraised at $ 176,670. Allocate the total cost among the three purchased assets and prepare the journal entry to record the purchase.

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Accounting Basics: The real estate consists of land appraised at 157040 land

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