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Question(s) / Instruction(s):

A company paid $110,000, plus a 10% commission and $6,000 in closing costs for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. What should be the allocation of this propertys costs in the companys accounting records?
A.   Land $60,500; Land Improvements; $25,400; Building; $42,333
B.   Land $42,333; Land Improvements, $42,333; Building, $42,333
C.   Land $60,500; Land Improvements, $24,200; Building, $36,300
D.   Land $87,500; Land Improvements, $35,000; Building, $52,500
E.   Land $63,500; Land Improvements, $25,400; Building, $38,100

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