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Cost of land Cost of building Cost of land improvements QUESTION 2-Lump-sum purchase Little Construction Ltd. bought land, a building, and equipment for a lump-sum of $600,000. Following are the appraised fair market values of the hewly acquired assets: Land $200,000 Building 300,000 Equipment 150,000 Determine the cost of each asset. Round to the nearest dollar if necessary. Land- Building Equipment