Rodriguez Company pays $315,000 for real estate plus $16,695 in closing costs. The real estate consists of land appraised at $196,000; land improvements appraised at $49,000; and a building appraised at $245,000. Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase.

Exercise 8.3 Lump-sum purchase of plant assets LOC1 fodilguez Compsny payz $515,000 for resi estate olus $15,695 in clasing conts. The ces estste cons lats of Iand appreised at $196,000; and improvements spersiaed at $49,000; and a bu ding spersised at $245,000. Required: 1. Aliocste the tots cozt smang the three purehssed ssses. 2 Prepsie the jound entry to recard the furchase. Complete this question by entering your answers in the tabs below. Albeate the tatal entt amona the three purchssed assats. (fiound your "Apportioned Cost" arowers to 2 docinal placns,)