Farmer Company paid $208,000 for real estate plus $4,320 in closing costs. The real estate included land appraised at $64,000; land improvements appraised at $25,600; and a building appraised at $166,400. The plan is to use the building as a factory. Prepare a calculation showing the allocation of cost to the assets purchased and present the journal entry to record the purchase. GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION P.R. DEBIT CREDIT