Pioneer Corporation purchased for $550,000 land and a building that will be used in farming operations. The appraised value of the land is $100,000 and the appraised value of the building is $400,000. Required: a) What amount of the purchase price will be allocated to the land? b) What amount of the purchase price will be allocated to the building? Complete this question by entering your answers in the tabs below. Required A Required B What amount of the purchase price will be allocated to the land? Price allocated to land Required A Required B What amount of the purchase price will be allocated to the building? Price allocated to building