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Prepare the journal entry to record the purchase

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Question - Rodriguez Company pays $390,000 for real estate plus $20,670 in closing costs. The real estate consists of land appraised at $216,200; land improvements appraised at $94,000; and a building appraised at $159,800.

Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.)

Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.)

Reference no: EM131611491

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