17) Vijay Inc. purchased a three-acre tract of land for a building site for $320,000. On the 17_ land was a building with an appraised value of $120,000. The company demolished the old building at a cost of $12,000, but was able to sell scrap from the building for $1,500. The cost of title insurance was $900 and attorney fees for reviewing the contract were $500. Property taxes paid were $3,000, of which $250 covered the period subsequent to the purchase date. The capitalized cost of the land is: A) $201,150. B) $334,650 C) $336,150 D) $336,400 18) Juliana Corporation purchased all of the outstanding stock of Caldwell Inc, paying 18) $2,700,000 cash. Juliana assumed all of the liabilities of Caldwell. Book values and fair values of acquired assets and liabilities were: Book Value Fair Value 450,000 2,250,000 600,000 Current assets (net) Property, plant, & equip. (net) Liabilities S 420,000 1,600,000 500,000 Juliana would record goodwill of. A) $880,000. C) S1,180,000. D) S600,000. ) $100,000. 19) Simpson and Homer Corporation acquired an office building on three acres of land for a lump-sum price of $2,400,000. The building was completely furnished. According to independent appraisals, the fair values were $1,300,000, $780,000, and $520,000 for the building, land, and furniture and fixtures, respectively. The initial values of the building, land, and furniture and fixtures would be: 19) LandFixtures S 780,000 S 720,000 Building S 1,300,000 S 1,200,000 S 720,000 S 520,000 a. S 480,000 S 480,000 b. S 1,200,000 . None of these answer choices are correct d. C) Option CD)Option D B) Option B A) Option A