Rodriguez Company pays $365,000 for real estate plus $19,345 in closing costs. The real estate...
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Accounting
Rodriguez Company pays $365,000 for real estate plus $19,345 in closing costs. The real estate consists of land appraised at $196,000; land improvements appraised at $49,000; and a building appraised at $245,000.
Required:
1. Allocate the total cost among the three purchased assets.
2. Prepare the journal entry to record the purchase.
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