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Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $2,800,000. According to independent appraisals, the fair values were $1,305,000 (building A) and $725,000 (building B) for the buildings and $870,000 for the land. Required: Determine the initial valuation of the buildings and the land. X Answer is complete but not entirely correct. Asset Building A Building B Land Initial Valuation $ 840,000 1,260,000 X 700,000 $ 2,800,000 Total