Exercise $10-8($Algo$)$ Lump$-$sum acquisition $[$LO$10-2]$

Pinewood Company purchased two buildings on four acres of land. The lump$-$sum purchase price was $$1,500,000.$ According to independent appraisals, the fair values were $$640,000($building A$)$ and $$400,000($building B$)$ for the buildings and $$560,000$ for the land.

Required:

Determine the initial valuation of the buildings and the land.

$\backslash$table$[[$Asset$,$Initial Valuation$],[$Building A$,],[$Building B$,],[$Land$,],[$Total$,$$