Exercise 7-3 Allocate costs in a basket purchase (LO7-1) Red Rock Bakery purchases land, building, and equipment for a single purchase price of $400,000. However, the estimated fair values of the land, building, and equipment are $150,000, $300,000, and $50,000, respectively, for a total estimated fair value of $500,000 Required Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment. Estimated Fair Value Allocation Percentage Amount of Recorded Amount Basket Purchase Land Building Equipment Total