Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $106,000; and a building is appraised at $185,50o. Required: 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 2 Required 1 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value = Apportioned Cost x Total Cost of Appraised Value Acquisition Land Land improvements Building 0 0.00 0% Totals Required 1 > Required 2 Journal entry worksheet A Record the costs of lump-sum purchase. Note: Enter debits before credits. Debit Transaction General Journal Credit 1 Clear entry View general journal Record entry Oki Company pays $259,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $16,950 cash for a new component that increased the equipment's productivity. 2. Paid $4,238 cash for minor repairs necessary to keep the equipment working well 3. Paid $9,900 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet A B C Record the betterment cost of $16,950 paid in cash Note: Enter debits before credits. Transaction General Journal Debit Credit 1