ed Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,400,000. According to independent appraisals, the fair values were $675,000 (building A) and $300,000 (building B) for the buildings and $525,000 for the land. Required: Determine the initial valuation of the buildings and the land. Asset Building A Building B Land Total Initial Valuation $490,000x 630,000x 280,000 $ 1,400,000 "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.