Land improvements appraised, Accounting Basics

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Land improvements appraised

Ming Yue Company pays $440,000 for real estate plus $23,320 in closing costs.The real estate consists of land appraised at $200,000; land improvements appraised at $90,000; and a building appraised at $210,000.

Allocate the total cost among the three purchased assets.

	Appraised value	Percent of Total	Apportioned cost
Land	$	%	$
Land improvements
Building

Totals	$	%	$

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Accounting Basics: Land improvements appraised

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Accounting Basics: Land improvements appraised

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