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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land

Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $196,000; land improvements are appraised at $73,500; and a building is appraised at $220,500. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase.

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