Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $225,000; land Improvements are appraised at $100,000, and the building is appraised at $175,000. 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. (Round your "Apportioned Cost" answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value * Total Cost of Acquisition Apportioned Cost Land $ 225,000 405,405 Land improvements 100.000 405,405 Building 175,000 405,405 Totals $ 500,000 0% $ 0.00