Prepare the journal entry to record the purchase, Accounting Basics

Prepare the journal entry to record the purchase

Problem

Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Land is appraised at $230,000; land improvements are appraised at $46,000; and the building is appraised at $184,000.

a) Allocate the total cost among the three assets.
b) Prepare the journal entry to record the purchase.

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Accounting Basics: Prepare the journal entry to record the purchase

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Accounting Basics: Prepare the journal entry to record the purchase

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