Exercise $7-3($Algo$)$ Allocate costs in a basket purchase $($L$07-1)$

Cold Stone Bakery purchases land, building, and equipment for a single purchase price of $$460,000.$ However, the estimated fair

values of the land, building, and equipment are $$168,000,$$$308,000,$ and $$84,000,$ respectively, for a total estimated fair value of

$$560,000.$

Required:

Determine the amounts Cold Stone should record in the separate accounts for the land, the building, and the equipment.