3) Plowman Company purchased land and a building for $550,000. An appraisal was obtained that indicated that the land was worth $225,000 and the building was worth $375,000. What amount of the purchase price should Plowman Company allocate to the land and the building? A .Land $225,000; building $375,000 B..Land $225,000; building $343,750 C..Land $206,250; building $343,750