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Prepare the journal entry to record the purchase

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Question - Rodriguez Company pays $370,000 for real estate plus $19,610 in closing costs. The real estate consists of land appraised at $168,000; land improvements appraised at $63,000; and a building appraised at $189,000.

Required -

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

2. Prepare the journal entry to record the purchase.

Reference no: EM133039882

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