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 $50,000; and a building appraised at $250,000. Required: 1. Allocate the total cost among the three purchased 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 purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value * Total Cost of Acquisition Apportioned Cost $ Land Land improvements Building Totals 200,000 50,000 250,000 500,000 $ 0% $ 0.00 Required 1 Required 2 > Journal entry worksheet 1 Record the costs of lump-sum purchase. es Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal