On April 12, 2021, Prism Ltd., a camera lens manufacturer, purchased real estate for SXXX Prism paid cash of $XX and incurred a mortgage payable for the balance. The company also paid $XXX cash in closing costs. The real estate included land appraised at sxxx land improvements appraised at $XXX and a building appraised at XXX. Prepare a calculation showing the allocation of the total cost among the three purchased assets and present the journal entry to record the purchase Use the amounts in the blue boxes below where $XXX is shown in the text box above Appraisal amounts Purchase price 5552,451 Land $249,597 Cash paid $75,000 Land improvements $83 236 Closing costs $29,400 Building $261360 10 Instructions: 11 12 (a) Using the green boxes below, calculate the cost that should be allocated to each asset purchased. (b) Record the purchase of the real estate PPE Asset Appraised Values Ratio of individual Appraised Value to Total Appraised Value Cost Allocation Land Land Imprv. 15 Building Totals 17 18 19 20 Debit Credit Account Titles Date 21 Instructions Q1 Cost allocation + Q2 Payroll Ready