Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building, Land is appraised at $180,000; land improvements are appraised at $60,000; and a building is appraised at $160,000. 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 $ 0 0% $ 0.00 Required 2 >