Laramie Company paid $2,000,000 for a purchase that included land, building, and office furniture. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Land, $546,000, Building, $882,000, and Office Furniture, $672,000. Based on this information the cost that would be allocated to the land is: (Do not round intermediate calculations.)

Multiple Choice

• $520,000.

• $546,000.

• $378,040.

• $644,290.