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A company purchased property for a building site. The costs associated with the property were: Purchase price $180,000 Real estate commissions 13,000 Legal fees 700 Expenses of clearing the land 2,000 Expenses to remove old building 900 What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building? A. $196,600 to Land; $0 to Building B. $195,700 to Land; $0 to Building C. $180,700 to Land; $900 to Building D. $193,700 to Land; $2,900 to Building E. $195,000 to Land; $1,600 to Building

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