Help Save & Exit Submit Pre-class Assignment 21 1.2% 4 points Exercise 7-3 (Algo) Allocate costs in a basket purchase (LO7-1) Red River Bakery purchases land, building and equipment for a single purchase price of $540,000. However, the estimated fair values of the land, building and equipment are $160,000 $384,000, and $96.000, respectively, for a total estimated fair value of $640,000 Required: Determine the amounts Red River should record in the separate accounts for the land, the building and the equipment Estimated Fair Value Allocation Percentage Amount of Basket Purchase Recorded Amount Land Building Equipment % " Total