Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $400,140 for real estate with land, land improvements, and a building. Land is appraised at $212,000; land improvements are appraised at $79,500; and the building is appraised at $238,500 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 to 2 decimal places.) Appraised Value Percent of Total Appraised Value * Total Cost of Acquisition - Apportioned Cost Land $ 212.000 Land improvements 79.500 15% 400,140 400,140