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Lump-sum purchase of plant services Rodriguez Company pays $375,280 for real estate plus $20,100 in closing costs. The real estate consists of land appraised at

Lump-sum purchase of plant services

Rodriguez Company pays $375,280 for real estate plus $20,100 in closing costs. The real estate consists of land appraised at $157,040; land improvements appraised at $58,890; and a building appraised at $176,670. Allocate the total cost among the three purchased assets and prepare the journal entry to record the purchase.

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