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Rodriguez Company pays $305,000 for real estate plus $16,165 in closing costs. The real estate consists of land appraised at $225,000; land improvements appraised at

Rodriguez Company pays $305,000 for real estate plus $16,165 in closing costs. The real estate consists of land appraised at $225,000; land improvements appraised at $45,000; and a building appraised at $180,000. Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase.

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