Ivanhoe Farms purchased real estate for $1,170,000, which included $5,900 in legal fees. It paid $259,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $478,100, a building appraised at $751,300; and fences and other land improvements appraised at $136,600. The building has an estimated useful life of 60 years and a $51,000 residual value. Land improvements have an estimated 15 -year useful life and no residual value. Calculate the cost that should be allocated to each asset purchased. Land $ Building $ Land Improvements