Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $379,080 for real estate with land, land improvements, and a building. Land is appraised at $250,000; land improvements are appraised at $100,000; and the building is appraised at $150,000. 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.) Percent of Total Appraised Value Appraised Value * Total Cost of Acquisition = Apportioned Cost Land $ 250,000 40% 379,080 $ 151,632.00 Land improvements 100,000 15% 379,080 56,962.00 Building 150,000 45% * 379,080 170,586.00 Totals $ 500,000 100% $ 379,180.00 < Required 1 Required 2 >