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Exercise 8-3 Lump-sum purchase of plant assets C1 Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is

Exercise 8-3 Lump-sum purchase of plant assets C1 Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890; and the building is appraised at $176,670. Allocate the total cost among the three assets and prepare the journal entry to record the purchase.

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