Galford Company purchased real estate for $480,000, plus closing costs and fees of $60,000. The property which included land, building, and land improvements was appraised for $600,000, as follows:
Building..................................... $300,000
Land..........................................180,000
Land improvements........................120,000
The asset Building should be reported on Galford's balance sheet at a value of
A) $240,000
B) $200,000
C) $270,000
D) $300,000