Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $400,140 for real estate with land, land improvements, and a building. Land is appraised at $198,000; land improvements are appraised at $66,000; and a building is appraised at $176,000. 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 Land $ Land improvements Building Totals 198,000 66,000 176,000 440,000 $ 0% 0.00 Journal entry worksheet Record the costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal