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Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land...

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Accounting

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Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $216,000; land improvements are appraised at $48,000; and the bullding is appraised at $216,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase

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