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Rodriguez Company pays $365,000 for real estate plus $19,345 in closing costs. The real estate...

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Question

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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