Cullumber Flight Academy acquired a new site for its training operations. The compary was able to find a small unused airport with an updated runway and hangar that could be used to accommodate a fleht simulator, mall aircraft, and classrooms. The location was ideal as it was close to the city centre with a large population base from which fo attract students Culimber paid $6.40 milison to acquire the site. Prior to providing financing for the purchase, the bank reguired that an appracal be compheted of the property. The evaluation appraisal repart came back with the following estimated market valuee land $3510.640 6uilding 32.570.290 and tand improvements $188,070. Cullumber manageinent explained, to the bank's suthfaction, that is pard the $131.000 premium beccase of the property's prowimity to the city centre and access to a larse poputation buse from which fo drawstidents. Allocate the $6.40-milifon parchase price to the land, building, and landiarprovements Cullumber Flight Academy acquired a new site for its training operations.