A company paid 150,000 plus a 7% commission and 5,000 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 property's costs in the company's accounting records? Land 80,250 Land Improvements, 32,100 Building, 48,150 Land 75,000 Land Improvements, 30,800 Building, 46,200 Land 77,500 Land Improvements; 31,000 Building; 46,500 Land 75,000 Land Improvements, 30,000 Building, 45,000 Land 82,750 Land Improvements, 33,100; Building, 49,650

To allocate the property's costs in the company's accounting records, we first need to determine the total cost of acquiring the property and then allocate this cost based on the appraised values.1. **Calculate Total Cost:** - Purchase Price: - Closing Costs: 5,000 = \ - Land Improvements: 3. **Calculate Total Appraised Value:** Total Appraised Value = 35,000 + \ 175,000 \)4. **Allocate Costs Based on Appraised Values:** - Allocation for Land: 175,000} \times \ 82,750\) - Allocation for Land Improvements: 175,000} \times \ 33,100\) - Allocation for Building: 175,000} \times \ 49,650\)Therefore, the allocation of the property's costs should be:- Land: - Building: 82,750; Land Improvements, \ 49,650.