A company purchased property for $120,000. The property included a building, equipment and land. The building was appraised at $70,000, the land at $49,000, and the equipment at $22,000 for a total appraised value of $141,000. What is the amount of cost to be allocated to the building in the accounting records?

a) $70,000

b) $120,000

c) $59,520

d) $0