11 Current Attempt in Progress Blossom Farms purchased real estate for $1,150,000, which included $3,500 in legal fees. It paid $240,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $475,920, a building appraised at $727,100, and fences and other land improvements appraised at $118,980. The building has an estimated useful life of 60 years and a $46,000 residual value. Land improvements have an estimated 15 -year useful life and no residual value. (a) Calculate the cost that should be allocated to each asset purchased. Land Building $ Land Improvements Search