Item 3 A company acquired an office building on three acres of land for a lump-sum price of $2,950,000. The building was completely furnished. According to independent appraisals, the fair values were $2,400,000, $1,920,000, and $480,000 for the building, land, and furniture, respectively. The initial values of the building, land, and furniture would be: Building Land Furniture a. $ 2,400,000 $ 1,920,000 $ 480,000 b. $ 1,475,000 $ 1,180,000 $ 295,000 c. $ 1,180,000 $ 1,475,000 $ 295,000 d. None of the other answer choices are correct. Multiple Choice Option a. Option b. Option c. Option d