Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $342.225 for real estate with land, land improvements, and a building. Land is appraised at $188,000; land improvements are appraised at $70,500; and a building is appraised at $211,500. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase