Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $350,000 for real estate plus $18,550 In closing costs. The real estate consists of land appralsed at $211,500; land Improvements appralsed at $70,500; and a building appralsed at $188,000. Required: 1. Allocate the total cost among the three purchased 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 purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total A x Total Cost of Appraised Value = Apportioned Cost Acquisition Land Land improvements Building S 0.00 Totals 0% Required 1 Required 2