Assume a company pays $300,000 for land and building. The land is assessed at 80% of the total purchase price. The building is old and will be torn down. What are the amounts to be debited to the Land and Building accounts?

Select one:

a. cannot be determined

b. $240,000, $60,000

c. The building account is debited for the full $300,000

d. The land account is debited for the full $300,000

Clear my choice