Exercise 12-3 Loonp-sum purchase LOT Check figure: Dr Land 5162,897 On April 12, 2011, Horizon Company paid cash of $368,250 for real estate plus 519,600 cash in closing costs. The real estate included: land appraised at 5166,320; land improvements appraised at $55,440 and a building appraised at $174.240. Prepare a calculation similar to show. ing the allocation of the total cost among the three purchased assets and present the journal entry to record the purchase