Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $400,140 for real estate with land, land improvements, and a building. Land is appraised at $202,500; land improvements are appraised at $45,000; and the building is appraised at $202,500. 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 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost answers to 2 decimal places Land Land improvements Building Totals Percent of Total Appraised Value Appraised Value Total Cost of -Apportioned Acquisition Cost S 0% 0.00 Required 1 Required 2 >

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.