Kisumu Co. purchased land and building at a price of $480,000. Kisumu also incurred a real estate broker's fee of $5,000 and legal fees of $2,000 to complete the purchase. Kisumu paid $3,000 to obtain a real estate appraisal prior to the purchase. The appraisal indicated that, valued separately, the land was worth $260,000 and the building was worth $240,000. The land should be recorded in the accounting records for: None of the available answers are correct $253,240 $260,000 $249,600 $254,800