Lump-Sum Purchase of Assets and subsequent Events Carter Development Company purchased for cash, a large tract of land that was immediately plated and deeded into the following smaller sections Section 1, real development with Highway frontage Section 2 multifamily apartment development Section 3, single-Family homes in the largest section Based on recent tales of similar property, the fair market values of the three sections are as follows: Section 1, 5630,000 Section 2 $378,000 Section 3, 5252,000 Required 1. What was signed to each section of land if the tract was purchased for() $1,260,000, (b) $1,560,000, and (c) $1,000,000 Total Purchase Price Land Section 1 Cost Land Section 21 Cost Land Section 3: Cost Scenario Assigned Assigned Assigned .. $1.260,000 b. 51,560,000 c. $1.000.000 2. How does the purchase of the tract affect the balance sheet? The purchase of the land total assets 3. Www would Carter be concerned with the value assigned to each section? Would Carter be more concerned with the values assigned it instead of purchasing three sections of land, it purchased and with buildings Carter would be concerned with the it it intended to sell one or two sections and others. Carter would want the section it intended to sell to be aired the value order to detergen