Rodriguez Company pays $350,000 for real estate plus $18,550 in closing costs. The real estate consists of land appraised at $200,000; land improvements appraised at $80,000, and a building appraised at $120,000. Required: 1. Allocate the total cost among the three purchased assets 2. Prepare the journal entry to record the purchase. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 S 200,000 40% Land Land imrnvements * 368,550 * 368,550 80,000 15% 54.283.00