What portion of these costs should be allocated to the cost

Reference no: EM131021687

1. Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $ 181,000 Real estate commissions 15,600 Legal fees 1,400 Expenses of clearing the land 2,600 Expenses to remove old building 1,600 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?

Reference no: EM131021687

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