ELMI Corporation acquired a barn and three acres of land for a lump-sum price of $2,400,000. The barn contained used but fully-functional farming equipment. According to independent appraisals, the fair market values of the building, land, and farming equipment were $1,300,000, $780,000, and $520,000, respectively. What will ELMI record as the capitalized value of the land? 7400,000 300,000