25 ms.meducation.com/252Fmgmiddlewarex 254 Swed Help Sau Merchant Company purchased property for a bullding site. The costs associated with the property were: $179,000 15,400 -23 Purchase price Real estate commissions Legal fees Expennes of clearing the land Expenses to remove old building 1,200 2,400 1,400 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? Multiple Choice 5190.000 to Land 50 to Building $199.400 ton, 50 to Building 5194.400 to Land: 55.000 1. Building ME 30 3 B: DIL Db 38 TV $ 1 2 3 & 7 ) 0 5 6 8 9 W E E R TY 0 A company purchased a delivery van for $24,800 with a salvage value of $3,300 on September 1, Year 1. It has an estimated useful life of 5 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, Year 1? 35438 Multiple Choice $1653 54,960 1433 $4300 107