Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $234,000; land improvements are appraised at $52,000; and the building is appraised at $234,000. 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 $ 234.000 52,000 Land Land improvements Building Totals * 347,490 * 347,490 * 347,490 234,000 $ 520,000 0% $ 0.00