The portion of depreciable asset that will not be expensed is called accumulated depreciation. estimated residual value. net present value. net realizable value. Cullumber Flight Acadermy acquired a new site for its training operations. The comgany was able to find a small unused airport with an updated rumway and hargar that could be used to accommodate aflight simulator, small aircraft, and classrooms. The location was ideal as it was close to the city centre with a large population base from which to attract students. Cullumber paid $6.70 million to acquire the site. Prior to providing financing for the purchase, the bank required that an appraisal be completed of the property. The evaluation appraikal report came back with the following ostimated market values: land $3,389,040, buliding $2,447,640. and tand improvements $439,320. Cullumber management explained, to the bank's satisfaction, that it paid the $424,000 premlum because of the property's proximity to the city centre and access to a large population base from which to draw students. (a1) Allocate the 56.70 -miltion purchase price to the land, building, and land improvements