Problem:
Benton Corporation acquired real estate that contained land, building and equipment. The property cost Benton $859,000. Benton paid $192,000 in cash and issued a Note Payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $102,000; Building, $642,000; and Equipment, $267,000.
Required:
Question: What value will be recorded for the building?
Note: Please show basic calculation.