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Prepare the journal entry to record the purchase

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Question - Rodriguez Company pays $321,165 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $53,000; and the building is appraised at $238,500.

1. Allocate the total cost among the three assets.

2. Prepare the journal entry to record the purchase.

Reference no: EM133140406

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