1.red Rock Bakery purchases land, building, and equipment for a single purchase price of $460,000. However, the estimated fair values of the land, building, and equipment are $168,000, $308,000, and $84,000, respectively, for a total estimated fair value of $560,000.

al estimated fair value of $560,000.

Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment.

2. Orion Flour Mills purchased a new machine and made the following expenditures:

Purchase price	$69,000
Sales tax	5,700
Shipment of machine	940
Insurance on the machine for the first year	640
Installation of machine	1,880

The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash.

Record the above expenditures for the new machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)