Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $220,000; land improvements are appraised at $88,000; and the building is appraised at $132,000. 1. Allocate the total cost among the three assets. 2. Prepare the joumal entry to record the purchase. Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Prepare the journal entry to record the purchase. Note: Round your answers to 2 decimal places. Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits