On February 21, 20X2, Speed-Tune, an auto service chain, acquired an existing building and land for $920,000 from a local gas station that had failed. The tax assessor had placed an assessed valuation of $300,000 on the land and $500,000 on the building as of January 1, 20X2. Land $300,000 Building 500,000 Total $800,000 How much of the $920,000 purchase price should be attributed to the building? Why?