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Chico Company paid $ 5 0 0 , 0 0 0 for a basket purchase that included office furniture, a building and land. An appraiser

Chico Company paid $500,000 for a basket purchase that included office furniture, a building and land. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Office furniture $110,000; Building $400,000, Land $80,000. Based on this information, the amount of cost that would be allocated to the office furniture is closest to:
$55,000.
$166,667.
$110,000.
$93,200.

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