Sunland Farms purchased real estate for $1,160,000, which included $4,000 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 $485,280, a building appraised at $741,400, and fences and other land improvements appraised at $121,320. The building has an estimated useful life of 60 years and a $50,000 residual value. Land improvements have an estimated 15-year useful life and no residual value. A'T (a) Your answer is correct. Calculate the cost that should be allocated to each asset purchased. Land Building Land Improvements $ 417600 638000 104400 (b) Record the purchase of the real estate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles Debit Credit