An asset is purchased on January 1 for $47,700. It is expected to have a useful life of five years after which it will have an expected salvage value of $6,600. The company uses the straight-line method. If it is sold for $33,200 exactly two years after its purchased, the company will record a:

-gain of $1,940.

-gain of $12,560.

-loss of $1,940.

-loss of $12,560.

A company acquired property that included land, building and equipment for a total cost of$163,000. The land was appraised at $87500, the building at $35,000, and the equipment at $52,500. What should be the allocation of the total cost in the accounting records? O Land $75,000: Building $30,800; Equipment $46,200 O Land $75,000; Building $30,000: Equipment $45,000 O Land $87500; Building $35,000; Equipment $52,500 O Land $81,500; Building $32,600; Equipment $48,900