record the purchase of the real estate

Cullumber Farms purchased real estate for $1,210,000, which included $5,800 in legal fees. It paid $253,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $482,400, a building appraised at $737,000, and fences and other land improvements appraised at $120,600. The building has an estimated useful life of 60 years and a $52,000 residual value. Land improvements have an estimated 15 -year useful life and no residual value. (a) Calculate the cost that should be allocated to each asset purchased