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Allocate the total cost among the three purchased assets

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Reference no: EM132951019

Rodriguez Company pays $385,000 for real estate plus $20,405 in closing costs. The real estate consists of land appraised at $184,000; land improvements appraised at $69,000; and a building appraised at $207,000.

Required:

Problem 1. Allocate the total cost among the three purchased assets.

Problem 2. Prepare the journal entry to record the purchase.

Reference no: EM132951019

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