Acc225 Fundamental of Accounting Principles: E10-3 Dillon Company pays $350,000 for real estate

Acc225 Fundamental of Accounting Principles
E10-3
Dillon Company pays $350,000 for real estate plus $18,550 in closing costs. The real estate consists of land appraised at $211,200; land improvements appraised at $86,400; and a building appraised at $182,400.

1. Allocate the total cost among the three purchased assets. (Round your percentage answers to a whole number and other answers to the nearest whole dollar amount. Omit the "$" and "%" signs in your response.)
2. Prepare the journal entry to record the purchase. (Due to rounding total of debits will not be equal to total of credits. Round your answers to the nearest whole dollar amount. Omit the "$" sign in your response.)
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