Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,100,000. According to independent appraisals, the fair values were $480,000 (building A) and $300,000 (building B) for the buildings and $420,000 for the land. Required: Determine the initial valuation of the buildings and the land. X Answer is complete but not entirely correct. Asset Land Building A Building B Total Initial Valuation $ 420,000 480,000 300,000 X $ 1,200,000