Land and a warehouse were acquired for $860,000. What amounts should be recorded in the accounting records for the land and for the warehouse if an appraisal showed the estimated values to be $520,000 for the land and $850,000 for the warehouse? (Round intermediate percentage calculations to 1 decimal place.)

Multiple Choice

$520,000 for land; $860,000 for warehouse.

$520,000 for land; $850,000 for warehouse.

$10,000 for land; $850,000 for warehouse.

$326,800 for land; $533,200 for warehouse.