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How do I properly allocate the purchase price between land, building, and office equipment in...

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Accounting

imageHow do I properly allocate the purchase price between land, building, and office equipment in excel using formulas?

On October 1 Computer Solutions purchased an office building for $473,000, which included land, building, and office equipment. The purchase was financed with a 30 year loan from the bank with an interest rate of 3% (ordinary annuity). The first payment is due November 1. Appraisal of the property came in at $525,000 with land appraised at $200,000; building, $275,000, and office equipment, $50,000. Using Excel, create an amortization of the loan (5 points) to determine the payment amount along with the allocation of the payments between principal and interest. Add a sheet to this file to calculate the allocation of the purchase price (5 points) between land, building, and

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