Rodriguez Company pays $380,000 for real estate plus $20,140 in closing costs (Total paid = $400,140). The real estate consists of land appraised at $184,800; land improvements appraised at $79,200; and a building appraised at $176,000. (Total appraised value = $440,000).

Allocate the cost among the three purchased assets and prepare the journal entry to record the purchase.