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Question(s) / Instruction(s):

A company paid $150,000, plus a 6% commission and $4,000 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 $75,000; Land Improvements, $30,000; Building, $45,000. b. Land $75,000; Land Improvements, $30,800; Building, $46,200. c. Land $81,500; Land Improvements, $32,600; Building, $48,900. d. Land $79,500; Land Improvements, $32,600; Building, $47,700. e. Land $87,500; Land Improvements; $35,000; Building; $52,500.

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