Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $79,500; and the building is appraised at $212,000. 1. Allocat

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1

Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $79,500; and the building is appraised at $212,000.

1. Allocate the total cost among the three assets.
2. Prepare the journal entry to record the purchase.
  

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