Posted: March 23rd, 2017

Liltua Company pays $ 375,280 for real estate plus $ 20,100 in closing cost.

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