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Peete Company purchased an old farm with a vacant building as a factory site for $990,000. Peete decided to use the building in its operations.

Peete Company purchased an old farm with a vacant building as a factory site for $990,000. Peete decided to use the building in its operations. How should Peete allocate the purchase price the land and the building? How should this purchase be handled if the building is to be torn down?

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