Basket Purchase On February 21, 20X2, Speed-Tune, an auto service chain, acquired an existing building and land for $720,000 from a local gas station that had failed. The tax assessor had placed an assessed valuation of $200,000 on the land and $400,000 on the building as of January 1, 20X2. Land Building Total $200,000 400,000 $600,000 How much of the $720,000 purchase price should be attributed to the building? Why?