Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $321,165 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and a building is appraised at $168,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Percent of Total Appraised Value Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Appraised Value x Total Cost of Acquisition Apportioned Cost Land Land $ 189,000 ( 45% x321,165 $ 144,524.00 ( 63,000 15% x321,165 48,175.00 improvements Building 168,000 40% * 321,165 128,466.00 Totals S 420,000 100% $ 321,165.00