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Rodriguez Company pays $321,165 for real estate with land, land improvements, and a building. Land is appraised at $180,000; land improvements are appraised at $80,000;

Rodriguez Company pays $321,165 for real estate with land, land improvements, and a building. Land is appraised at $180,000; land improvements are appraised at $80,000; and a building is appraised at $140,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase

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