Sheridan Co. purchased for $2,024,000 property that included both land and a building to be used in operations. The seller's book value was $276,000 for the land and $828,000 for the building. By appraisal, the fair value was estimated to be $460,000 for the land and $1,840,000 for the building. At what amount should Sheridan report the land and the building at the end of the year? (Do not round intermediate calculations and final answers to 0 decimal places e.s. 58,971. Cost allocated to land $ Cost allocated to building $