Q1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

PP&E Element Amount Land $15,000 Building 35,000 Equipment 50,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) Item Amount Demolition dilapidated building $3,600 Architect Fees $11,250 Legal Fees - for title search $1,900 Interest During Active Construction Period $5,025 Real estate transfer tax $825 Construction Costs $605,000 Using this information, how much should be recorded as the cost of the land?Item Amount Demolition dilapidated building $3,600 Architect Fees $11,250 Legal Fees - for title search $1,900 Interest During Active Construction Period $5,025 Real estate transfer tax $825 Construction Costs $605,000 Using this information, how much should be recorded as the cost of the land