Freeman Company purchased a tract of land on which were located a warehouse and an office building. The cash purchase price was $165,000 plus $20,000 in fees connected with the purchase. The following information relates to the property Tax Sellet's Original Assessment Book Value Cost Land $40,000 $45,000 $70,000 Warehouse 60,000 50.000 100,000 Building 100.000 115.000 130,000 Total $200.000 $210.000 $300.000 The land should be recorded at 537.000 543167 $40,000 539643