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Burchell Company purchased land and a building for a lump sum cost of $420,000. The land has a fair market value of $160,000 and the

Burchell Company purchased land and a building for a lump sum cost of $420,000. The land has a fair market value of $160,000 and the building has a fair market value of $320,000. The cost assigned to the land is $0. $210,000. $140,000. $160,000

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