Brief Exercise 7-1 (Algo) Record the initial cost of land (LO7-1) Fresh Veggles, Incorporated (FVI). purchases land and a warehouse for $540,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $34,000, title insurance, $2.400; and miscellaneous closing costs, $6,800. The warehouse is immediately demolished at a cost of $34,000 in anticipation of building a new warehouse. Determine the cost of the land and record the purchase (assuming cash was paid for all expenditures). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account fleld.) Journal entry worksheet Brief Exercise 7-3 (Algo) Allocate cost in a basket purchase (LO7-1) Finley Company is looking for a new office location and sees a building with a fair value of $480,000. Finley also notices that much of the equipment in the existing building would be useful to its own operations. Finley estimates the fair value of the equipment to be $88,000. Finley offers to buy both the building and the equipment for $530,000, and the offer is accepted. Determine the amounts Finley should record in the separate accounts for building and equipment. (Do not round intermediate calculations.)