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Prepare the journal entry to record the purchase

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Reference no: EM131711836

Question - Rodriguez Company pays $310,000 for real estate plus $16,430 in closing costs. The real estate consists of land appraised at $270,000; land improvements appraised at $81,000; and a building appraised at $189,000.

Required:- See attached

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

2. Prepare the journal entry to record the purchase.

Reference no: EM131711836

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