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 $243,000; land improvements are appraised at $108,000; and a building is appraised at $189,000. 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.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition Apportioned Cost Land $ 243,000 45% x368,550 Land improvements 108,000 20% x368,550 Building 189,000 35% x368,550 Totals $ 540,000 100% $ 0.00 Required 1 Required 2 >