Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $320,000 for real estate plus $16,960 in closing costs. The real estate consists of land appraised at $204,000; land improvements appraised at $51,000; and a building appraised at $255,000. 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 Alocate the total cos among the three purchased ases, Roung your fapportioned Cost" answers to 2 decimal places) Cost" answers to 2 decimal places. Percent of Total | x Total Cost of Apportioned Cost Value Acquisition Value Land Land improvements Building Totals Required 2> 1 of 1 Next