7 On January 1, 2021, Micro Company pays $400,140 for real estate with land, land improvements, and a building. Land is appraised at $270,000 Land Improvements are appraised at $108,000 Building is appraised at $162,000 Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers Land Land improvements Building Totals Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost + View transaction list Journal entry worksheet A Record the costs of lump-sum purchase. Note: Enter debits before credits. Transaction 1 + se. (Round your answers to 2 decimal places.) General Journal Debit Credit View general journal