Van Deerman Inc. acquired various assets from a business in financial distress. Details of the assets acquired and  elated outlays follow:

Asset category                                                                       Estimated fair market value
Production equipment  ..............................................................               $4,000,000
Motor vehicles ..............................................................................                2,000,000
Computers .....................................................................................                  500,000
Furniture .........................................................................................              1,000,000
Total ...............................................................................................             $7,500,000

Related expenditures                                                                                   Amount
Cost of purchasing the bundle of assets excluding taxes ................... $7,000,000
Refundable taxes ........................................................................................    290,000
Non-refundable taxes .................................................................................   220,000
Legal fees .......................................................................................................    50,000
Freight ............................................................................................................    20,000

Required:
Allocate the qualifying expenditures among the assets acquired.