Exercise 7-3A Allocate costs in a basket purchase (LO7-1) Red Rock Bakery purchases land, building, and equipment for a single purchase price of $300,000. However, the estimated fair values of the land, building, and equipment are $100,000, $260,000, and $40,000, respectively, for a total estimated fair value of $400,000. Required: Determine the amounts Red Rock should record in the separate accounts for the land, the building, and the equipment. Land Building Equipment Total Estimated Fair Value Allocation Percentage Amount of Basket Purchase Recorded Amount % % %