Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,300,000. According to independent appraisals, the fair values were $630,000 (building A) and $280,000 (building B) for the buildings and $490,000 for the land. Required: Determine the initial valuation of the buildings and the land. Asset Building A Building B Land Total Initial Valuation $

Tinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,300,000. According to ndependent appraisals, the fair values were $630,000 (building A) and $280,000 (building B) for the buildings and $490,000 for the and. Required: Determine the initial valuation of the buildings and the land