Skysong Co. purchased for $2,772,000 property that included both land and a building to be used in operations. The sellers book value was $378,000 for the land and $1,134,000 for the building. By appraisal, the fair value was estimated to be $630,000 for the land and $2,520,000 for the building. At what amount should Skysong report the land and the building at the end of the year?