Exercise 8-3 (Static) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890, and the building is appraised at $176,670. 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. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals Exercise 8-3 (Static) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $395.380 for real estate with land, land improvements, and a building. Land is appraised at $157,040: land improvements are appraised at $58.890: and the building is appraised at $175.670. 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. View transaction list Journal entry worksheet