g "Land and a warehouse were acquired for $800,000. What amounts should be recorded in the accounting records for the land and for the warehouse if an appraisal showed the estimated values to be $410,000 for the land and $700,000 for the warehouse? (Round intermediate percentage calculations to 1 decimal place.)"

On january 2, well co. purchased 10% of rea, inc.’s outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in rea’s net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and well’s officers are a majority on rea’s board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?