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Question(s) / Instruction(s):

A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $62,000; the land at $45,000, and the parking lot at $18,000. Land should be recorded in the accounting records with an allocated cost of:

a)            $0.

b)            $36,000.

c)            $42,000.

d)            $45,000.

e)            $100,000.

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