?Current Attempt in Progress

Cullumber Farms purchased real estate for $$1,170,000,$ ?which included $$5,000$ ?in legal fees. It paid $$246,000$ ?cash and incurred a

mortgage payable for the balance. The real estate included land that was appraised at $$470,400,$ ?a building appraised at $$739,200,$ ?and

fences and other land improvements appraised at $$134,400.$ ?The building has an estimated useful life of $60$ ?years and a $$51,000$

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

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