Xavier Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2011, at a total cash price of $830,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $499,500; land, $305,250; land improvements, $55,500; and four vehicles, $64,750. The company's fiscal year ends on December 31.
Required:
1a.Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. (Round your percentage answers to the nearest whole number. Omit the "$" and "%" signs in your response.)