Sheridan Farms purchased real estate for $1,190,000, which included $5,000 in legal fees. It paid $240,000 cash and incurred a mortgage payable for the balance. The real estate included land that was appraised at $469,000, a building appraised at $750,400, 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. Land Building Land Improvements