Exercise 7-3 (Static) Allocate costs in a basket purchase (L07-1) Red Rock Bakery purchases land, building, and equipment for a single purchase price of $600,000. However, the estimated fair values of the land, building, and equipment are $175,000, $455,000, and $70,000, respectively, for a total estimated fair value of $700,000. 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 25 % Amount of Basket Purchase $ 600,000 Recorded Amount % Land Building Equipment Total % S $