A company paid $770,000 plus $5,000 in closing costs for property that included land appraised at $384,000; land improvements appraised at $128,000: and a building appraised at $288,000. The plan is to use the building as a manufacturing plant. Determine the amounts that should be recorded as: Land Land Improvements Building A company purchased equipment on July 3 of the current year and placed it in service on August 1. The following costs were incurred in acquiring the equipment: Determine the amount to be recorded as cost for the equipment