Millburn Corporation Has Acquired a Property That Included Both Land

question 117

Multiple Choice

Millburn Corporation has acquired a property that included both land and a building for $510,000. The corporation hired an appraiser who has determined that the market value of the land is $320,000 and that of the building is $440,000. At what amount should the corporation record the cost of land? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

• A) $341,700
• B) $134,400
• C) $255,000
• D) $214,200

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