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Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $212,000; land improvements are appraised at $79,500;
Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $212,000; land improvements are appraised at $79,500; and the building is appraised at $238,500. Allocate the total cost among the three assets. Prepare the journal entry to record the purchase
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