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Buckets bought a group of assets for 1.4 million. In this group, it includes land with...

Buckets bought a group of assets for 1.4 million. In this group, it includes land with an appraised value of $900k; PP&E with an appraised value of 250k; and building with an appraised value of 700k.

Buckets debited land for 900k; equipment for 200k; and building for 300k.

What should be done if the equipment is being depreciated over 5 years and building over 12 years?  

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