Rodriguez Company pays $375,000 for real estate plus $19,875 in closing costs. The real estate consists of land appraised at $189,000; land improvements appraised at $63,000; and a building appraised at $168,000. Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase.
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Rodriguez Company pays $375,000 for real estate plus $19,875 in closing costs. The real estate consi...
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