Entity purchased land for a plant site for $75,000. Entity B also paid off a $1.200 Bon on the land owed by the seller. Entity Balso cleared and graded the land at a cost of $4,000 before commencing construction of its new plant. What was Entity B's cost of the land? $75,000 $76,200. $80,200 $79,000. Which of the following statements about depreciation is correct? Depreciation is a process of asset valuation, not cost allocation. Depreciation does not apply to a building because its usefulness and revenue-producing ability generally remain intact over time. Depreciation provides for the proper recording of expenses (efforts) with revenues (results). The book value of an asset should approximate its fair value