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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $326,430 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 Allocate the total cost among the three assets. (Round your "Apportioned Cost answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value * Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals Required Required 2 > 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 A Record the costs of lump-sum purchase. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Prey 1 of 1 Next