K L M N P R A B E F G H C D Function: SUM; Formula: Multiply, Divide; Absolute Cell Referencing Using Excel to Value Assets Purchased at a Lump-Sum Price PROBLEM Butcher Inc. purchased land, building, and equipment from Sutter Co. Information concerning the purchase follows. Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or this work area as indicated. Cash payment for assets $ 406,000 Estimated fair values: Land Building Equipment 95,000 250,000 110,000 At what amounts should each of the three assets be recorded by Butcher? Fair Value Recorded Amount Land $ 95,000 Building 250,000 Equipment 110,000 $ 455,000