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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $385,000 for real estate plus $20.405 in closing costs. The real estate consists of land appraised at $198,000 land improvements approised at $66,000. ond a building appraised ot $176,000 Required 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value x Total Cost of Acquisition Apportioned Cost Appraised Value Land Land mproverments Building Tolals 198,000 ) 66,000 176,000 440,000 45%405 40:0 s 15% 40% 0x4054050| 102.43000 60.900 00 162162.00 x 405.40:0 | 100% 405.392 00 Required 2 >