Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $2,100,000. According to independent appraisals, the fair values were $990,000 (building A) and $550,000 (building B) for the buildings and $660,000 for the land. Required: Determine the initial valuation of the buildings and the land. Asset Initial Valuation Land Building A Building B Total $ 0