BASKET PURCHASE. Phyllis Sanchez has just purchased a small, successful frozen yogurt store from its previous owner. Phyllis paid $104,000 and acquired the items in the following list. The fair values were estimated so that adequate insurance could be obtained.

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ITEM Land Building Yogurt machines Tables Chairs Cash register Yogurt mix Cones Plastic dishes and spoons Paper products Total FAIR VALUE $ 20,900 68,200 8,305 3,300 3,850 1,925 825 275 1,870 550 $110,000 REQUIRED: Allocate the total cost of the acquisition to the various assets acquired.