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cost is (maybe) part of basis for two assets
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for accounting purposes, consider the costs of acquisition as part of the cost of the asset as opposed to expensing.  this will be important to consider if you need to amortise the asset for reporting or tax purposes. dr. land $250,000 dr. building: $250,000 cr. cash $500,000 the acquisition of the land from previous owners. and dr. land $12,500 dr. building $12,500 cr. cash $25,000 fees paid to auctioneer who helped acquire the land. the basis for dividing the cost should be done at appraised prices.  these appraised prices will appear in the first entry and should help you along.
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