ASSET COST: Determine the cost of the land. Cash price of the land Cost to remove old storage garage Proceeds from sale of salvaged garage material Brokerage fees paid Legal fees paid Title costs paid $ 167,000 $ 15,000 2,000 8,000 1,500 500 LUMP-SUM (BASKET) PURCHASE: Z Company paid $90,000 cash to acquire a group of items consisting of land appraised at $30,000, land improvements appraised at $10,000, and a building appraised at $60,000. Allocate the cost to the three assets acquired. Asset Appraised Value % of Total Apportioned Land Land Improvements Building Totals