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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $243,000; land improvements are appraised at $54,000; and a building is appraised at $243,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value 45% x Total Cost of = Apportioned Cost Acquisition * 358,020$ 159,309.00 $ 243,000 54,000 10% x 358,020 35,402.00 Land Land improvements Building Totals * 358,020 243,000 540,000 45% 100% 159,309.00 354,020.00 $ Required Required 2 > Exercise 8-3 Lump-sum purchase of plant assets LO CI Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $243,000; land improvements are appraised at $54,000; and a building is appraised at $243,000. Required: 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Answer is complete but not entirely correct. 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.) No Transaction General Journal Credit 1 Land Debit 159,309.00 35,402.00 159,309.00 Land improvements Building Cash OO 354,020.00 Required 1 Required 2