Rodriguez Company pays $330,000 for real estate plus $17,490 in closing costs. The real estate consists of land appraised at $215,000; land improvements appraised at $43,000; and a building appraised at $172,000. Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase.

Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.)

	Appraised Value	Percent of Total Appraised Value	x Total Cost of Acquisition	= Apportioned Cost
Land
Land improvements
Building
Totals		%

Record the costs of lump-sum purchase.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1