Forbes corporation purchased for $600,000 land end of building that will be used in farming operations. The appraised value of the land is $280,000 and the appraised value of the building is $360,000 what amount of the purchase price will be allocated to the land and what amount will be allocated to the building?

4. Forbes Corporation purchased for $600,000 land and a building that will be used in farming operations. The appraised value of the land is $280,000 and the appraised value of the building is 360,000. What amount of the purchase price will be allocated to the land and what amount will be allocated to the building