One company paid $150,000 plus a 7% commission and $5,000 in closing costs for a property. The property included land valued at $87,500, land improvements valued at $35,000, and a building valued at $52,500. 

What should be the allocation of the costs of this property in the company's accounting records?

Answer rating: 100% (QA)

The allocation of the costs of the property should be based on th... View the full answer