Hi, can someone please help me with this assignment:

Corporation paid $550,000 to acquire land, building, and equipment. At the time of the acquisition, Corporation paid $50,000 to have the property appraised. The following

values were determined from the appraisal:

Land 180,000

Building 285,000

Equipment 175,000

Respond to the following questions:

What cost should be assigned to the land, buildings, and equipment, respectively?

How should the journal entry be recorded on the corporations books to describe this acquisition?

Why is it necessary to allocate a lump sum purchase amount among the individual assets acquired?

What are the characteristics that an asset must have for it to be classified as property, plant, and equipment?

Generally accepted accounting principles (GAAP) requires that property, plant, and equipment should be recorded at historical cost. What are the advantages of

recording property, plant, and equipment at historical cost?

Please provide the steps so I can understand the solution. Thank you!