Lump-Sum Purchase of Assets and Subsequent Events Carter Development Company purchased, for cash, a large tract of land that was immediately platted and deeded into the following smaller Section 1, retail development with highway frontage Section 2, multifamily apartment development Section 3, single-family homes in the largest section Based on recent sales of similar property, the fair market values of the three sections are as follows: Section 1, $524, 860 Section 2, $399, 350 Section 3. $216, 790 What value is assigned to each section of land if the tract was purchased for $1, 141,000, $1, 345,000, and $864,000? How does the purchase of the tract affect the balance sheet