ook nt mt ences Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $168,000; land Improvements are appraised at $42,000; and the building is appraised at $210,000. 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.) Percent of Total Appraised Value * Total Cost of Appraised Value Acquisition Apportioned Cost Land $ 168,000 389,610 Land improvements 42,000 389,610 Building 210,000 389,610 Totals $ 420,000 35% $ 0.00 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 1 General Journal Debit Credit Record entry Clear entry View general journal