Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $2,200,000. According to independent appraisals, the fair values were $1,035,000 (building A) and $460,000 (building B) for the buildings and $805,000 for the land. Required: Determine the initial valuation of the buildings and the land. Asset Initial Valuation Building A Building B Land Total