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Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $255,000; land improvements are appraised at $102,000;

Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $255,000; land improvements are appraised at $102,000; and the building is appraised at $153,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

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