Hernandez Company pays $500,000 for real estate with land, land improvements, and a building. The real estate consists of Land with a market value of $360,000, land improvements with a market value of $90,000; and the building with a market value of $150,000. 1. Allocate the total cost among the three assets 2. Prepare the joumal entry to record the purchase Complete this question by entering your answers in the tabs below