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Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,500,000. According to Independent appraisals, the fair values were $640,000

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Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,500,000. According to Independent appraisals, the fair values were $640,000 (building A) and $400,000 (building B) for the buildings and $560,000 for the land. Required: Determine the initial valuation of the buildings and the land, Initial Asset Valuation Land Building A Building B Total

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