Exercise $10-8($Algo$)$ Lump$-$sum acquisition $[$L$010-2]$

Pinewood Company purchased two buildings on four acres of land. The lump$-$sum purchase price was $$1,100,000.$ According to

independent appraisals, the fair values were $$480,000($building A$)$ and $$300,000($building B$)$ for the buildings and $$420,000$ for the

land.

Required:

Determine the initial valuation of the buildings and the land.

Answer is not complete.