Che Dorsey Co has expanded is operations by purchasing a parcel of land with a building on it from Co for $97000. The appraised value of the land is $28.000, and the appraised value of the building is $90.000 Required Assuming that the bonding to be used in Dorsey Co's businesses what cost should be recorded for the land b. Indicate why for income tax purposes, management of Dorsey would of the purchase price as possible allocated chcate why Docated the cost of coured hadde purchase other than on the bugto Bb C Asuming the demished at a cost of $12.000 verwhat cost should VS d. Assuming that the building is demolished at a cost of $12,000 so that the land can be used for employee parking, what cost she Dorsey Co. record for the land? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Indicate why, for income tax purposes, management of Dorsey Co. would want as little of the purchase price as possible allocated to land. (Select all that apply.) DODOO Land is a current asset. Land is not a depreciable asset Land value will not reduce taxable income. Land is a depreciable asset. Land value reduces table income. arch G d. Assuming that the building is demolished at a cost of $12,000 so that the land can be used for employee parking, what Dorsey Co. record for the land? Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Indicate why Dorsey Co. allocated the cost of assets acquired based on appraised values at the purchase date rather than on the original cost of the land and building to Bibb Co. Appraised values are to be used because they represent the book value. Appraised values are to be used because they represent the asset's current value. Appraised values are to be used because they represent the historical asset value. arch BI d. Assuming that the building is demolished at a cost of $12,000 so that the land can be used for employee parking, what cost sh Dorsey Co. record for the land? Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Assuming that the building is demolished at a cost of $12,000 so that the land can be used for employee parking, what cost should Dorsey Co. record for the land? Cost of land earch 3