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Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was...

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Accounting

Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $2,800,000. According to independent appraisals, the fair values were $1,305,000 (building A) and $725,000 (building B) for the buildings and $870,000 for the land. Required: Determine the initial valuation of the buildings and the land. (Complete the chart).

Asset Initial Valuation
Land ?
Building A ?
Building B ?
Total ?

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