Flounder Co. purchased for $1,760,000 property that included both land and a building to be used in operations. The sellers book value was $240,000 for the land and $720,000 for the building. By appraisal, the fair value was estimated to be $400,000 for the land and $1,600,000 for the building. At what amount should Flounder report the land and the building at the end of the year? (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places e.g. 58,971.)

Cost allocated to land		$
Cost allocated to building