Pharoah Company purchased real estate for $1,200,000, which included $3,500 in legal fees. It paid $260,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $471,800, a building appraised at $754,880, and fences and other land improvements appraised at $121,320. The building has an estimated useful life of 60 years and a $54,000 residual value. Land improvements have an estimated 15-year useful life and no residual value.

Pharoah Company purchased real estate for $1,200,000, which included $3,500 in legal fees. It paid $260,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $471,800, a building appraised at $754,880, and fences and other land improvements appraised at $121,320. The building has an estimated useful life of 60 years and a $54,000 residual value. Land improvements have an estimated 15-year useful life and no residual value. Calculate the cost that should be allocated to each asset purchased (Round percentage of total to 2 decimal places, e.g. 52.65% and final answers to o decimal places, e.g. 5,275.) Land Building Land Improvements