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Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $184,500; land improvements are appraised at $41,000;
Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $184,500; land improvements are appraised at $41,000; and the building is appraised at $184,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.
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