Exercise $10-3$

Exercise $10-3$ Lump$-$sum purchase of property, plant and equipment $C1$

Ming Yue Company pays $$368,250$ for real estate plus $$19,600$ in closing costs. The real estate consists of land appraised at $$166,320$; land

improvements appraised at $$55,440$; and a building appraised at $$174,240.$ Allocate the total cost among the three purchased assets and

prepare the journal entry to record the purchase.