Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,520,000. Harding paid $385,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $407,000; Building, $1,210,000 and Equipment, $803,000.

What value will be reported for the land on the balance sheet?

Note: Round intermediate percentage values to a whole percentage. Do not round other intermediate calculations.

Multiple Choice

$189,360

$212,790

$124,660

$128,200