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) Your answer is correct Calculate the cost that should be allocated to each asset purchased. Land Building 417600 638000 Land Improvements 104400