Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $2,900,000. According to independent appraisals, the fair values were $1,350,000 (building A) and $750,000 (building B) for the buildings and $900,000 for the land. Required: Determine the initial valuation of the buildings and the land. Asset Initial Valuation Land Building A Building B Total