Assume the same facts as in Case Study Problem 13-69 except you have the following market values as a result of an appraisal:

Equipment ……………………….     $ 250,000

Building      …………………………      500,000

Land      …………………………….       140,000

Inventory   ……………………….    110,000

Total         …………………………… $1,000,000

Tom insists that $150,000 of the purchase price should be allocated to inventory and $100,000 should be allocated to land. He refuses to complete the purchase unless the allocation is made as he requests. What action should you take with respect to Tom’s request?