Exercise $7-3($Algo$)$ Allocate costs in a basket purchase $($LO$7-1)$

Red Cedar Bakery purchases land, building, and equipment for a single purchase price of $$280,000.$ However, the estimated fair values of the land, building, and equipment are $$114,000,$$$209,000,$ and $$57,000,$ respectively, for a total estimated fair value of $$380,000.$

Required:

Determine the amounts Red Cedar should record in the separate accounts for the land, the building, and the equipment.

$\backslash$table$[[,$Estimated Fair Value,$\backslash$table$[[$Allocation$],[$Percentage$]],\backslash$table$[[$Amount of Basket$],[$Purchase$]],\backslash$table$[[$Recorded$],[$Amount$]],],[$Land$,,,\%,,],[$Building$,,,\%,,],[$Equipment$,,,\%,,],[$Total$,,,,,]]$