The following information relates to Questions below: Brians Sporting Goods obtained a building, land, and machinery in a lump-sum purchase (i.e., basket purchase) for $400,000. The appraised value of the land is $200,000, the appraised value of the building is $180,000, and the appraised value of the machinery is $120,000.

At what amount should Brians Sporting Goods initially record the land on its books? $160,000

At what amount should Brians Sporting Goods initially record the building on its books? $144,000

At what amount should Brians Sporting Goods initially record the machinery on its books? $96,000

Please EXPLAIN step by step