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Prepare the journal entry to record the purchase

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Reference no: EM133149594

Question - Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $168,000; land improvements are appraised at $42,000; and the building is appraised at $210,000.

Required -

1. Allocate the total cost among the three assets.

2. Prepare the journal entry to record the purchase.

Reference no: EM133149594

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