Blossom Farms purchased real estate for $1,165,000, which included $6,200 in legal fees. It paid $256,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $476,700, a building appraised at $762,720, and fences and other land improvements appraised at $122,580. The building has an estimated useful life of 60 years and a $56,000 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 197 S