QS 8-3 (Algo) Lump-sum purchase of assets LO C1
Diego Company paid $176,000 cash to acquire a group of items consisting of land appraised at $51,500 and a building appraised at
$154,500. Allocate total cost to these two assets and prepare an entry to record the purchase.
Complete this question by entering your answers in the tabs below.
Total Cost
General
Journal
Allocate total cost to these two assets.
Percent of Total Apportioned Cost
Land
Building
Totals