Exercise 7-3 Allocate costs in a basket purchase (Lo1) Red Rock Bakery purchases land, building, and equipment for a single purchase price of $260,000 However, the estimated fair values of the land, building, and equipment are $126,000, $198,000, and $36,000, respectively, for a total estimated fair value of $360,000 Required ounts Red Rock should reco equipment Amount of Basket Purchase Estimated Fair Allocation Percentage Recorded Amount Value Land Building Equipment Total