record the purchese of real state

Sheridan Farms purchased real estate for $1,170,000, which included $4,100 in legal fees. It paid $241,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $483,120, a building appraised at $738,100, and fences and other land improvements appraised at $120,780. The building has an estimated useful life of 60 years and a $51,000 residual value. Land improvements have an estimated 15-year useful life and no residual value. (a) Your answer is correct. Calculate the cost that should be allocated to each asset purchased. Lanc $ Building $ Land Improvements $ eTextbook and Media List of Accounts