Eg 2 Hohenberger Farms purchased real estate for $1,280,000, which included s5,000 in legal fees. It id n55,000 cash and incurred a mortgage for the balance. The real included land that as appraised at $476,000, buildings appraised at estate improvements s748,000, fences and other land raise $136,000. The buildings have an estimated useful life of 60 years and a $50,000 residual improvements have an estimated 15-year useful life and no residual value. value. Land