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Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $384,345 for real estate with land, land improvements, and a building. Land is appraised at $207,000; land improvements are appraised at $46,000; and a building is appraised at $207,000. Required: 1. Allocate the total cost among the three 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 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 207,000 46,000 207,000 460,000 384,345 x 384,345 x 384,345 $ 0% $ 0.00 Required 1 Required 2 >