Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $216,000; land improvements are appraised at $72,000; and a building is appraised at $192,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is not complete. 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 45% x Total Cost of Acquisition Apportioned Cost $ 192,000 X * 352,755$ 158,739.75 Land Land improvements Building 72,000 45% x 352,755 10% X * 352,755 216,000 X 480,000 35,275.50 X 158,739.75 X 352,755.00 Totals $ 100% $ Required 1 Required 2 Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land is appraised at $216,000; land improvements are appraised at $72,000; and a building is appraised at $192,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) No Transaction General Journal Debit Credit