Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is appraised at $220,500; land improvements are appraised at $73,500; and a building is appraised at $196,000. 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 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the costs of lump-sum purchase. Journal entry worksheet