Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $321,165 for real estate with land, land improvements, and a building. Land is appraised at $198,000; land Improvements are appraised at $88,000; and the building is appraised at $154,000. 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. Note: Round your "Apportioned Cost answers to 2 decimal places. Appraised Value Percent of Total Appraised Value Land $ 198,000 Total Cost of Acquisition 321,165 Land improvements 88,000 321,165 Building 154,000 x321,165 Totals $ 440,000 0% $ Respred 1 Apportioned Cost 0.00 Required 2 >