Land and building with respective appraised values of $60,000 and $180,000 were purchased for $55,000 and $160,000. Both assets will be recorded at the respective costs of $55,000 and $160,000. Land and building with respective appraised values of $60,000 and $180,000 were purchased for $55,000 and $160,000. Both assets will be recorded at the respective costs of $55,000 and $160,000