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 sections: 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, 5507,500 Section 2, 5334 950 Section 3, $172,550 Required: 1. What value is assigned to each section of land if the tract was purchased for (a) $1,015.000, (b) $1,314,000, and (c) 5689.0002 Total Purchase Price Scenario Land Section 1: Cost Assigned Land Section 2: Cost Assigned Land Section 3: Cost Assigned a. $1,015,000 507 500 $ 334,950 172,550 b. 51.314,000 657,000 394,200 X 262,800 EC LO C. 5689,000 344,500 $ 206,700 x 137,800 X