Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land is appraised at $180.000, land improvements are appraised at $60,000, and a building is appraised at $160,000. 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 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 x Total Cost of Acquisition Apportioned Cost $ 180.000 60.000 Land Land improvements Building Totals 45% 15% 40% 100% x368.550 368,550 * 368,550 160.000 400.000 $ 5 0.00 Required 2 > Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building Land is appraised at $180,000; land Improvements are appraised at $60,000; and a building is appraised at $160,000, 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 1 Required 2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list View Journal entry worksheet Transaction General Journal Credit No 1 Land Land improvements Building Cash Debit 165,847.50 36,855,00 165.847.50 368,550.00