Phillip's House of Smells purchases land, building, and equipment for a single purchase price of $340,000. However, the estimated fair values of the land, building, and equipment are $132,000, $264,000, and $44,000, respectively, for a total estimated fair value of $440,000. Required: Determine the amounts the House of Smells should record in the separate accounts for the land, the building, and the equipment. Estimated Fair Value Allocation Percentage Amount of Basket Purchase Recorded Amount Land Building Equipment Total % % % $ 0 $ 0