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Prepare the journal entry to record the purchase

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Question - Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is appraised at $216,000; land improvements are appraised at $72,000; and a building is appraised at $192,000.

Required:

1. Allocate the total cost among the three assets.

2. Prepare the journal entry to record the purchase.

Reference no: EM132350643

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