Ct Homework [due Day Saved Help Save & Exit Submit 8 Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $180, 000 Real estate commissions 15, 500 2 Legal fees 1, 300 points Expenses of clearing the land 2, 500 Expenses to remove old building 1, 500 eBook 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? Print Multiple Choice O $195,500 to Land; $5,300 to Building. O $200,800 to Land; $0 to Building. O $196,800 to Land; $1,500 to Building